Well here we are in December and entering the festive season and looking forward to a prosperous 2013. A number of businesses will have their financial year at the end of the month, and for those businesses this is the time of the year when they should be reviewing their performance for 2012 and objectives for 2013.
That is what businesses should be doing but in my experience many SME’s do not undertake this planning exercise and without it how can they know how successful they are? They may have grown in the last 12 months but could they have grown even more and in a more planned way. Have decisions been taken on gut instinct or with robust data to back it up?
A number of SME’s do not undertake such an exercise as they believe it is a waste of time! For such businesses it does not have to be an expensive exercise but should include:-
- the vision for the business
- what it needs to achieve in the short and medium term
- how the business is going to achieve it
- The financial implications of the above-does it give the business the financial results that it requires?
It your business has a financial year at end of December and you have not started the planning for 2013…..no time to waste!!!!