How to Plan the Next Move of Your Business?

Businesses are expected to grow and evolve together with technology, trends, policies, preferences, laws, rules, regulations, environment, etc. But many times, the owners or the entrepreneurs witness stagnancy or a feeling of being stuck when it comes to their business. They do not find it challenging anymore. However, many thought processes are involved to revitalise an existing business. Among these, a sense of direction and grabbing the right opportunity to refresh your business is of prime importance.

The shared goal of every business is the growth and expansion of their enterprise. Establishing a business may be hard, but growing one can be even more difficult.. The owners are always in search of new ways to stand out and excel in the competitive world. The ability to mitigate losses during the time of contingency helps businesses to survive in the marketplace.

Any business needs to maintain consistency to retain its customers. Therefore, this article will emphasise the significant factors which will help any type of business owner to plan the next move.

How to Plan the Next Move?

For any enterprise or an organisation to thrive, implementing effective strategies is very important. Thus, innovative strategies help in delivering exemplary services to the customers. The crucial thing that assists a businessperson in strategising the next move is the business plan.

It should be reviewed on a timely basis and plays a key role in identifying strategies and plans for growth.

The next move of any business should be derived from the following major aspects of the business plan:

• Elements of a business plan.
• Strength and weakness of the existing business plan.
• Drafting a new dynamic business plan.
• Optimum allocation of resources.
• Predetermined time for reviewing the business plan.

Strategies to Plan Your Next Move

When you plan the next move of your business, numerous points are taken into consideration to compete. Here are a few parameters which will help in planning and deciding the next step.

1. Goal setting

Set SMART goals for your enterprise. Do not keep the same goals throughout the life of the business and alter them as and when the need arises. When you set goals, you make the necessary efforts to achieve them. They inculcate the ability to take risks and make provisions for mitigating them.

Distinguish and define your short term and long-term goals. While creating a business plan, clearly state the goals of your business. Set targets that are achievable and measurable. Make a checklist of the tasks to be done and how they are to be done. Thus, goal setting helps in deciding the next move by picturising the future.

2. Customer Service is the Key

Customers are considered to be the king in the chess like game of business. They help us in reaching the sales goals and formulating the strategy based on their needs and wants. Service determines the future and success of a business. If your customers are not satisfied, then you cannot move ahead.

There should be at least three ways through which your customers can reach you. Attract new customers and organic crowds on your website. They act as a word-of-mouth marketing medium. Their loyalty ensures whether the business is ready to enter the next stage or not.

3. Know your Numbers Well

Finance is the lifeblood of business. You can plan only when you are fully aware of every number that reflects on the sheet of paper or your screen. The accounting software should be compatible with business operations. One should be aware of the inventory management, the costs associated with it, the working capital cycle, important ratios, the provisions created for different purposes, the number of profits to be retained, cashflows, metrics, etc. It shows the actual image of the business.

4. Study the Acquisition Plan

When any company wants to grow in size and operations, they can plan for acquiring another company. If your company is planning for any such move then cost-benefit analysis needs to be carried out. It may help in reducing the cost and increase in profits. Attracting new clients and customers would be easy because of the brand name. Innovation can be adopted and entering new business verticals and the industry becomes easy. For all this, the value of the company must be calculated and a decision should be taken.

5. Updating the Business Plan Regularly

Change is the only constant thing. Keep on updating the business plan regularly. It helps to track the progress of your business and know any setbacks. Whenever the need arises the marketing techniques can be altered following the business policies. Acquaint yourself with the laws, rules, compliances, software used, cybersecurity, IT infrastructure, etc.  

6. In-depth Knowledge of a Company's Resources

If you know about the resources of your company well then it becomes easier to take any decision for the future. The vital resources include employees, assets, inventories, clients, customers, investors, creditors, suppliers, etc.

7. Take Advantage of Google Analytics

It is a tool to analyse website traffic. You can collect data about the visitors and how frequently they visit any website, etc. It helps in understanding the customers better and necessary changes can be made in the offerings. Various business insights answer the “what next?” question.

8. Advice from Professionals

Do not hesitate to take advice from various management professionals, industry experts, mentors, etc. they will address various issues and give fresh ideas for formulating strategies, assessing progress, and moving towards accelerated growth.

9. Be aware of the taxation and legal requirements

For any decision you take for your enterprise, you should be aware of its impact on taxation and what rules, regulations would be applicable. “Would there be any government interference?” should also be studied.

10. Develop a Plan for Every Goal

Categorise your goals into short-term, medium-term, and long-term goals. Create a plan for every goal and review it monthly, semi-annually, or annually. They should be set based on resources available, different metrics, etc. Keep a backup plan ready.

11. Keep an Eye on Cash Flows

It may be possible that the company earns profits but does not have an adequate amount of cash. The assets, inventory, accounts receivable and payable, etc. determines the liquidity of the firm. So, keep an eye on the cash flows because of no cash sums to no business.

12. Focus on improving productivity and continuous learning

Delegation of authority and responsibility among the employees helps in improving the overall productivity of the organisation. They will work towards achieving the common goal of the business. Continuous learning ensures that we are not left behind and there is a change in the perspective.

Conclusion

Thus, we can conclude that any owner has to look for ways to improve the efficiency of the business. Build your tribe who will help you find the light at the end of the tunnel and take decisions that will benefit your business in the long run. Keep working for it and have patience till you make the right move.

Also read:

1) How to Open a Restaurant? 10 easy steps to help you open a Restaurant of your own!
2) Top 10 Businessmen in the Industry & What You Can Learn From Them
3) Top-5 markets in India every businessperson should visit
4) Where to Get a Small Business License?

FAQs

Q. What is the importance of an ongoing business plan?

Ans. An ongoing business plan is important in the following areas of any business: Funding, resource allocation, achieving the business objective, assessing the performance of a business, and continuous business planning cycle.

Q. What should an ideal business plan consist of?

Ans. An ideal business plan should have the following elements:

• Aims and objectives of the business
• Financial information
• Marketing strategy
• Operational information
• Financial information
• Business targets
• Exit plan if any, etc.

Q. On what basis does Google Analytics categorise the data?

Ans. Google Analytics categorises the data based on three categories termed as ABC.

• Acquisition, Behaviour, and Conversion

Q. Can the business plan be presented to the external audiences?

Ans. Yes, you can present the business plan to external parties such as investors, banks, lending institutions, etc.

Q. Is Google Analytics free?

Ans. Yes. It helps to assess the return on investment for your different marketing strategies.