A prediction for the new financial year
by Adam Basheer, on 26-Jun-2019 13:55:38
Let me make a prediction. What you will achieve in the next financial year will be much the same as you did this financial year. Unless something changes?
If you are satisfied with what happened this financial year with your sales, profits, bonuses, etc then great. Just continue to work hard and everything is likely to stay much the same.
If you are unsatisfied with what happened in this financial year with your sales, your profits, bonuses etc, then just continue to work hard and everything is likely to stay much the same.
If you fall into the latter category then hard work, which we all know how to do, will not change much for you but it will certainly keep you occupied. If you want things to change then you need to change something. This leads us to growth planning.
Opportunistic Growth Planning
Many businesses operate at the level of opportunistic growth planning. Examples of this are:
- You meet someone at a barbecue who comes up with a good idea that you think you might try
- You get an email about social media and you reckon that you need to learn more about that because there seems to be opportunity there, surely?
- A rep calls you up with what sounds like a good opportunity to promote your business, so you make bold decision to do it and hope for the best
Strategic Growth Planning
This is where you take stock of your current situation, understand what is going well and what needs improvement and where your real opportunities lie and then put in a step by step plan to achieve realistic goals. Examples of this include:
- Doing research to find out what is truly happening rather than what we think might be happening
- Gathering the key business advisers and operators together to formally discuss the next year and what is achievable
- Identifying what needs to change to achieve your goals
Creating a realistic plan of what needs to change and how you are going to change it over the next 12 months.The details of a plan designed in advance are often incorrect and the planning process demands the thorough exploration of options and contingencies. The knowledge gained during this probing is crucial to the selection of appropriate actions as future events unfold.
What is clear is that working hard, in the same way you are working now is likely to create similar results to those already achieved. During the year there is plenty of time for working hard in the business, though few opportunities to complete some planning for change, and to change things in your business.
Perhaps the clicking over of the financial year is a good time to consider what you want to achieve and what you need to change to get there. Contact us today to discuss your strategic plan.
Fit 4 Market are marketing consultants operating in Adelaide, Melbourne, Sydney, Brisbane and Perth