Your Business

Alistair Armstrong, who specialises in providing ongoing business advice to assist businesses in their growth and development, highlights this month "An Effective Business Plan".

If you think your business performance can improve and you find it difficult to know how to begin, then you will benefit from reviewing your business planning.

Here are six steps that can lead to an effective plan for your business:

• Establish your mission:

Think about why you started the business, what needs of the market place you aim to satisfy, and imagine where you want to be in the future. These elements will provide your mission statement.

• Analyse your SWOT:

Analyse your business's strengths, weaknesses, opportunities and threats.  This will help you take an objective, critical and unemotional look at your business.

• Develop a plan:

From each SWOT category, choose three items.  Then set goals to maximise your strengths, correct your weaknesses, make the most of your opportunities and nullify your threats.  Think about how you will delegate tasks and involve all the staff.

• Create a budget:

All missions and strategies need adequate financial resources to succeed.

• Put it in writing:

Make sure you write down your finished plan.  Share it with your key staff and encourage their input.

• Make it a living document:

This is vital!  Frequently update and improve.  Consider reviewing it monthly to track your progress and readjust your strategy as necessary.

For further information, contact Alistair at: Abercorn@a9partnership.co.uk

01506 834700