Every one should have established a business plan for 2014 already. If you don’t then I hope you are working on it now.
Regardless of the stage of your 2014 business plan below are 3 very important questions you should be asking yourself to make sure you are covered:
Recession: Have you thought about what you would do if the economy or your industry dipped into recession in 2014?
Business Insight: sketching out ahead of time your contingency plan will help you rapidly adjust if need be.
Economic Strength: Have you prepared for the challenges you would face if your sales improved significantly? Would you need to staff up, ask your vendors to for more product, need more office space or a larger credit line?
Business Insight: There are often cheap and easy steps that can be taken now enabling you to quickly ramp up if business improves.
Strategic Initiatives: Do you know what you want to work on in 2014? In addition to keeping the business running, what do you want to accomplish next year?
Business Insight: It’s easy to get caught up in day-to-day operations, but people who run thriving businesses work on one, two or three key initiatives each year. Even a small business benefits from strategic planning.
So if you don’t have a plan for 2014 then now is the time to get all of your notes, profits and loss statements and any summaries of your previous years successes and failures to apply to the plan for next year.
What do you feel is the most important thing to reflect upon when creating a stronger business plan for the next year?