The new year is a great time to take stock of what you do successfully and what areas might need some shoring up. Here are a few things to consider in your business plan:
People
Make sure you have your team optimized for success. Do you have the right mix of remote work built in for yourself and staff? Remote work can be more productive than in-the-office work, but the right mix will optimize your team’s outcomes. Don’t forget rewards and incentives. Monitor successes and areas for improvement. Make sure you plan time for yourself and team members to think. Thinking is underappreciated and often not planned. Change that in 2024.
Business Plan Basics
Work on bolstering cash levels. Stop spending on things that don’t impact and make more revenue. Take a look at receivables and make sure you only take on new business from clients that have a proven record of paying their suppliers and service providers. Know your costs and never do work below your basic level of profitability. You cannot make up a loss with volume. Raise your fees when doing demanding work that others could never deliver. Your best is worth more than your routine assignments.
The Future
Invest in people and have a few great “next up” employees you are courting, always. Never get too busy to do business development. Find a way to plan it into each day, each week, and each month. Find ways to make it fun and to reward yourself when you achieve defined milestones for BD. Invest in learning for yourself and your team. Use AI and invest in tools that will eliminate repetitive work that is of low value.
Your business plan should be simple and effective. Don’t list a thousand things, focus on 3 to 5 you can do. Write it down, look at it each month. Go for it…
Happy New Year!