Every fall, business planning and goal setting should be at the top of your to-do list. Yes, even though it’s only October, the holidays will be here before you know it. Before you get lost in the holiday craze, take a few moments to revisit your business plan and start setting goals for 2024.
Don’t have a business plan or haven’t looked at the original in forever? No worries! With the tips below, you can dust off the original or even get the basics down on paper (or Google Docs).
Review the Current State of Your Business
Before we look ahead, we have to understand where we are right now and what has been accomplished for the year to date. Take a Saturday morning or Sunday afternoon to hash out ALL the good and not-so-great things that have happened in your business. Write everything down as it comes to mind and don’t dwell on the negatives. This should take about 30 minutes or so.
Now that you have this all down, review the list and…
- Highlight the accomplishments
- Rank the accomplishments
- Give yourself a strong pat on the back!
(And buy that tasty muffin you’ve been eyeing at the coffee shop – you deserve it!)
Next…
- Circle the things that were not-so-great
- On a separate sheet of paper, write down what happened
Consider…
- How did this affect my business?
- Did I resolve the issue(s)?
- How do I keep this from happening again?
The purpose of this exercise is not to drudge up the past. Instead, you want to understand the potential pitfalls and how they can be avoided going forward. You can’t prevent bad juju in your business, but at least your eyes are open. All business owners go through ups and downs!
(Aren’t you glad that you bought that muffin?)
Goal Setting for 2024
Since you are ahead of the game and assessed all the good in your business, consider your goals.
- Do you want to offer new products or services?
- Do current offerings need to be revised or updated?
- Are you planning to expand your team?
- Have your revenue goals changed?
- Do you plan on reducing overhead in the New Year?
The last two questions may need the guidance of a CPA or a bookkeeper. Understanding cash flow is certainly helpful. Our focus is on the products and services in your business and how they may be carried out.
For example, you want to offer a new coaching program to women entrepreneurs just starting their business. Reverse engineering the planning may be helpful here. That means you start with the end goal in mind and work backwards.
- Launch Date: October 2024
- Pilot Date: September 2024
- Social Media Marketing: May – August 2024
- Sales Page Creation: August 2024
- Lead Magnet Development: March 2024
- Strategy Planning: February 2024
Tools like Trello, Monday, or Asana are essential when goal setting. You can easily monitor project status, assign tasks to team members, and see what you have accomplished at any given point.
Update Your Business Plan
As goals are developed for the upcoming year, think about your existing business plan.
- Has the mission or vision of your business changed?
- Do the products and/or services you offer now differ from what you originally envisioned?
- Will you hire new employees or contractors to help you carry out your vision?
- Does the marketing strategy need to be updated?
According to the National Federation of Independent Business (NFIB), there are seven essentials parts to a business plan:
- Executive Summary
- Company Description
- Products and Services
- Market analysis
- Strategy and Implementation
- Organization and Management Team
- Financial plan and projections
We will avoid getting too knee deep in the weeds with business planning. But it is always a good idea to update and refine your business plan to match 2024 goals. The NFIB article provides a solid summary of each section. Take time to review your existing business plan and update it thoughtfully for both the short and long term.
Talk to Your Team
If you have a team that supports your business, communicating upcoming goals for the New Year is critical. Most small business owners host weekly or bi-weekly team meetings. Now is the perfect time to describe your goals for 2024 and obtain feedback.
Wait…what? This is my business. I call the shots around here!
Of course, you do! But communication is key when it comes to growing your business.
Consider this:
Jane, your current operations manager, has an upcoming medical issue that she knows that she needs to deal with next year. It may even require her stepping back from work for a period of time. Jane has been holding back from telling you because you already have enough on your plate. She can manage her current workload just fine. But if new products, services or team members are added, it will cause undue stress.
But as a proactive business owner, you can avoid the extra stress by having a conversation about your 2024 goals. Developing a two-way dialogue with Jane gives her the opportunity to tell you what is going on with her personal life. You can then develop a backup plan to either replace Jane or hire additional help to cover for Jane’s absence.
Remember to ask your team for feedback about the plan for next year.
- Is it do-able?
- Do we need more resources to accomplish the goals?
- What do you really think about it?
While you ultimately call the shots, take the feedback received to heart. You may have not thought of a circumstance or situation that could derail your plan.
Business Planning Summary
October is a perfect time to set 2024 goals and update your business plan. So, I am going to give you some homework. Before the end of October, take a half-day to assess your current state and set goals for 2024. Some business owners like to do their own mini-retreat with their team or a few key team members. Others like to do this work on their own. Remember, business planning is key to a successful business.
Either way, take stock and let me know how far you have come for 2024. I want to hear ALL about it. Schedule time to chat with me in the next few weeks to see if I can offer any additional insight to help your business run smoother and more efficiently next year! If you find that you need a project manager or someone to help with operations management, check out the Expert Virtual Services website to learn more about our services!