With the new financial year well underway, the businesses most likely to be successful tend to be the ones that have a strong business plan. Now that the dust has settled from the end of financial year flurry of activity, it’s important for SMEs to review their business plan for the year.
Even if SMEs have a strong plan and are executing against it, they should formally check in with that plan at least every six months to ensure it’s still relevant, achievable, and will deliver according to their growth goals.
As SMEs consider their business plan for the new financial year, there are five key areas to review:
If SMEs don’t already have a plan in place, now is the time to develop one. In doing so, it’s important to focus not just on how to increase revenue but also on how the business can make a difference through actions like ethical sourcing or choosing environmentally-sustainable options.
Shane Blandford, Director of Marketing and Innovation, Konica Minolta