As a business owner, life seems endlessly busy. One positive from the current lockdown is that we are forced to stop, take stock and think about the future of our business. When did you last have the time to do that? The stark truth is that some businesses won’t survive this period while others will come out of it stronger and ready for the future. A key factor will be this: are you focusing on the problems or the opportunities?

Firstly, take stock of the current position, remembering what is great about your business: the products and services, the customers, the team and, top of the list, you. Now it is time to create a short-term plan, answering these questions:

1.     Which customers are still planning to buy from you? What, when and how much?

2.     What is the position of your suppliers? Can they still supply what you need?

3.     How much cash do you have in the business and how long will it last?

4.     What government support are you eligible for and when will it arrive?

5.     What is your revised cashflow forecast for the next 90 days? 180 days?

6.     What do you need to do differently in this new environment?

7.     Do your staff know what you need them to do and do they have the tools to do it?

Now that you have a short-term plan, including some milestones to ensure you remain on track, it’s time to think about the wider future of your business. Just an hour or two a day of focused strategic thinking will allow you to plan for the long-term and create the business you always wanted. A business ready for the future.

Here are 10 steps to creating your strategic plan:

1.     Why did you want to run your own business in the first place? Is your business fulfilling those dreams?

2.     What would your ideal business and lifestyle look like in 5 years’ time? Are you on track to achieve that?

3.     What are your core values and does your business reflect these?

4.     How will you measure success in the next 1, 3 and 5 years?

5.     What changes (Social, Technological, Economic and Political) can you foresee and what impact will they have on your business?

6.     How financially aware are you?

a.     What profit do you make on each product/service you offer?

b.     Who is your target market (be specific) and who are your top 20% most valuable customers?

c.      What are your overheads? When did you last review all your costs?

d.     What turnover do you need to make the profit you desire?

7.     What is your competition and why should your prospects choose you?

8.     What does your business look like in the mirror:

a.     What are you great at?

b.     Where do you need to improve?

c.      Where are you vulnerable?

d.     What is your competitive edge?

9.     What is your top line strategy to bring all this together?

10. How and when will you implement and communicate your strategy to build for the future?

The best entrepreneurs will see lockdown as an opportunity to build a more resilient, more flexible and ultimately more successful business. What are you waiting for?

Business Doctors are offering business owners a free 30-minute strategy session. Contact me on 07770 346384 or Michael.hardy@businessdoctors.co.uk