With the new tax year fast approaching, you're likely to be
thinking about business planning for the year ahead.  As the
old saying goes, "by failing to prepare, you're preparing to fail",
and if you want your business to grow, you need a plan. Having a
clear mission and strategy and setting clear, measurable goals are
essential for developing your business and ensuring efficiency.

Using a business planning cycle like the one demonstrated here
is a simple, effective way to ensure continuous improvement and
keep the profits coming in. Always keep your business' overall
mission in mind and remember that without clear goals and outcomes
it's impossible to know what you've achieved.

 

"If you can dream it, you can do it. Always remember
that this whole thing started with a dream and a mouse." Walt
Disney.


Sometimes we all get stuck in the status quo and are too busy
with day to day operations to stop and think about where we want to
be. Even if your business is thriving, it could always be bigger
and better- as multi-millionaire and Dragon Peter Jones says- "If
you're going to dream, then dream big!" And as one of our most
successful entrepreneurs, he should know.

Some key points to keep in mind for the year ahead:

1) Manage your cash
wisely.

"Mighty Acorns from little acorns grow"-
Geoffrey Chaucer (translated)

Using what money you have wisely is the key to successful
business management. It's a common mistake after a period of growth
for businesses to spend lots of money on new commercial property,
equipment or staffing costs, only to find a few months later that
things are quieter and they have to downsize again. Understanding
your busy and quiet periods are essential to keeping things running
smoothly and avoiding any financial disasters. Keep costs to a
minimum, use your profits wisely and invest in other opportunities
when the time is right.

2) Set clear objectives.

"Living without an aim is like sailing without a
compass"-Alexander Dumas

From the jacket potato stall on the high street to the
multi-billion dollar corporation, setting clear, achievable goals
is key to managing any business. Having a clear idea of what you
want to achieve is the only way to grow, so build a continuous
business planning process into your organisation, with clear aims
and objectives for each department. Hold regular meetings to check
everything is going to plan, and regularly review your performance
to identify any problem areas.

3) Use your resources
effectively

"Start with employees and the rest follows from
that"- Herb Kelleher

If you're not making the best use of your resources, it's likely
you'll be losing money. Investing well in the right equipment,
technology and premises is essential for efficiency and growth, but
arguably the most important resource of all is your staff. Studies
have proven that people work better when they feel valued and
appreciated, so keeping your team happy is key to a harmonious and
productive work place. Ensure you have regular reviews to discuss
any issues, set and review targets and give opportunities for
professional and personal development to get the most out of your
team. Remember to build some funds for the Christmas do into your
budget too!

If you're reviewing your work space, we'd love to help. At Pall
Mall Estates we have a huge range of quality commercial properties
to meet your business needs and help you grow. We own over £5
million sq feet of property across the UK, so whether you need
office space, warehouses or storage solutions we're here to
help.

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