Planning is one of the most important parts of running a business (and it should not be discounted for individuals either). It may involve simple estimates and calculations of likely tax through to detailed budgets, projections and goals for the coming year or years.
Without careful planning it is like setting off on a journey to an unknown destination without a GPS. You might manage to make it to your destination eventually, but don’t be surprised if you get really lost on the way!
As a small business owner or individual it is very tempting to neglect planning altogether, especially if you are the only person involved. After all, planning can be a time-consuming process and time spent planning is likely to be time when you are not earning any money. But the benefits of good planning should outweigh any temporary loss of earnings.
The value of a plan simply cannot be overstated. Putting ideas and concepts down on paper is invaluable and the act of researching and compiling data about your competitors and the market will prove to be very useful in the years to come.
Unsure of where to start? Never created a plan before? Don’t have projections, budgets or goals in place? Give us a call to discuss. Planning can take many different forms, talk to us about what is right for you.