Annual business planning shouldn’t be overly difficult. Since business owners often spend too much time with day-to-day operations, they may keep putting off their business plan. Consider the hourglass approach as a simple technique that help you focus directly on your goals and follow a structured plan to make progress towards them.
See: The Importance of Business Planning →
In the first stage, review the internal and external business environment, similar to a shortcut SWOT analysis (strengths, weaknesses, opportunities, threats). Force yourself to carefully consider the current variables affecting your business:
Now you should have a good handle on the present-day situation of your organization. Use this information to create the middle of the glass and distill it into actionable priorities.
In the bottom stage, you need to create your plan with a specific road map to reach your goals, such as:
Additional Resources on Preparing a Business Plan →
Consider trying the Hourglass approach to create your next business plan. It could help you and your team move your business in the right direction. Of course you can turn to your Alloy Silverstein accountant and advisor for a partner in creating your business plan and to make sure you are following through on your objectives throughout the year. Contact us today.
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