Business Planning Week 1
If you have not begun planning for the year, now is the time. October 1st is the beginning of the fourth quarter and the end of the year is fast approaching! At this time in your business you should be focusing on the next year and making sure that you are ready to hit the ground running in 2016.
Business Trends for 2016
Bizjournals.com listed a few business trends expected to emerge in 2016. Obviously, many of the new iPhone and Samsung updates have occurred in 2015. Microsoft 10 is out and there is an expected update of Office Suite coming soon. Planning for a technology upgrade may need to be a part of your strategy for 2016.
Everyone is talking about Millennials these days. They are the new “it” generation. Born between 1980 and 2000, they are making their full fledged introduction into the workforce. Millennials are shaking things up and doing things their own way. They are more willing to relocate and change jobs than previous generations. Job security is not as meaningful as job satisfaction. If you want to keep this generation of workers satisfied, you are going to have to plan ahead.
Let’s Get Started!
Doing a full blown business planning session each year is difficult. I like to do what I call a “Thinking Plan.” The Thinking Plan was designed to be a basic road-map to help me focus and get a to-do list. I am not advocating this Thinking Plan as a replacement for a Business Plan or Strategic Plan, but as a starting point before you are ready to do the heavy lifting of putting those types of plans in place.
Part One is listing out the top 5 trouble areas and successful areas in your business. Start off with a description of where you are. What is happening in your business now? What is working and what is not working. List the good, the bad and the ugly. Describe the situation well enough that when someone else reads it they can understand what is happening in your business.
What are the Top Five Problems in my business?
Now that you have identified the top five problems. Ask yourself, who or what do I need to fix those problems. If you know what you need, list the obstacles to getting those things done. If you do not know how to fix those problems, what expert(s) do you need to help you?
What are the five best things about my business?
Ask yourself why these things are successful. How can you apply these principles to other parts of your business? How can you build upon these successes?
Get ready for Next week!
Once you have completed this section, we will be back next week to work on vision and mission planning. Hold on to your top 5s as we will be using them in the weeks to come and building a 2016 plan!
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Shahara Wright is an experienced and highly sought after business law attorney and business strategist. She is the author of From Entrepreneur to CEO and host of the CEO Collaboration Circle. Shahara founded The CEO Effect, LLC to work with small business owners who want to implement strategy to build capacity.