To move forward, we need to have a clear idea of where we want to be. Sometimes it can be all too easy to get stuck in the weeds, caught up in the here and now of running a businesses, you don't make the time to focus on the long-term plan.
Where do you want to take the business and what does success look like?
Maybe you’re looking to grow your business and increase your turnover, expand on your products or services, or perhaps you want to niche into a new market.
Here how to gain the insights you need to plan for the future of your business.
Know what your customers want- and stick to it
Value creation is the most important element of your business model– it’s why your customers come to you and not your competitors, it’s what motivates them to invest in your brand, and it’s what improves their lives in some unique way.
Who are you trying to help? What problems are you solving and what needs are you meeting? A clear idea of who you’re serving and what they’re looking for will help you define the value you create for customers.
Getting crystal clear on your niche and your value proposition– and continuously reviewing them– will help you build a business that stands the test of time.
Review your business model
A strong model is at the backbone of any thriving business. To ensure your business is built to last, regularly assess your business model– what’s working, and what’s not? And then make the changes you need to adapt and grow. Businesses naturally evolve and shift over time, and your model should reflect this. What worked five years ago might be a different story today. A flexible and adaptable business model will help you create the infrastructure to support growth.
We’d recommend regularly reviewing the following key areas and thinking about how best to restructure them:
- Customer relationships- How could you leverage customer relationships for growth?
- Sales & revenue streams- Is your way of generating revenue the most efficient and profitable way for your business to receive its income? Is your pricing structure correct? Are you making the margins needed?
- Stakeholders- Are all key stakeholders aligned on the business’s wider vision and goals?
Cash flow
At Complete HQ, we belive in forecasting for the future.
Cash flow is critical for painting a realistic picture of your future business. What will your cash position look like in 2-5 years time? How can you put the systems in place to achieve your financial goals? What impacts could today’s decisions have on your future cash position? These are all key questions to ask yourself when planning for the future of your business.
But to answer these questions, you need accurate data. And to do cash flow forecasting successfully, your accounting and bookkeeping needs to be up-to-date. This plays a huge role in the success of your cash flow forecasts as incomplete financial data will lead to incorrect cash flow predictions.
Always ensure the integrity of the numbers underpinning your forecasts so that you can accurately plan for the future.
Funding
We never know what the future holds. Changes in the political and financial climate and external factors and risks can all affect the future of your business. Funding is a way of mediating those risks and futureproofing your business against potential problems.
Funding isn’t just for emergencies. Consider having some extra funds in place as a backup plan. Having extra cash reserves to draw on means you can respond quickly to future problems, and have peace of mind that you have tangible insurance in place to swiftly plug any cash flow gaps down the line. Funding can also be a huge factor in bolstering future growth when cash is invested strategically back into the business into key people or resources.
When you’re thinking about the future, we’re here to help.
At Complete, we believe in building for better.
We love helping businesses get to where they want to be. By getting the right foundations in place, we empower business owners to save time, plan for the future and achieve their goals.
Get in touch to find out how we can help your business thrive.
