Given that the last few years have been extremely challenging to many businesses, you might be regarding the new 2021/22 financial year with a sceptical eye. As we progress through the next 12 months, however, the economic conditions are expected to gradually improve, reflecting an increase in consumer and business confidence, allowing you to get back on track once again.

This means that this year, you need to have a clear (and flexible) strategic plan for your business. Whilst the pandemic has taught many business owners the value of planning ahead, it’s essential that you take on board the lessons learnt and create a plan to move your business forward. Here are five tips that can assist you to get started.

Define your vision of success

When creating a strategic plan, people always talk about goal setting, but without a clear vision of what success actually means for your business, it’s difficult to set clear goals. So take some time to consider these, talk to your key staff and maybe remember why you started your business, visualise what success means to you. With a clear vision, you can then set goals for the next one, two, five years or even longer, with changes to reflect your business, the industry and wider economy.

Do you have the resources you need?

Resources are what you need to achieve your goals, the equipment, supplies, employees and cashflow that you need over the next 12 months. Maybe you need an expert marketer to help you promote your products, maybe you want to explore a new markets or add/design new products. All these ideas can help to grow your business, but you need the resources to make it happen. Now is the time to review your existing resources and make plans to acquire the resources you need to achieve your goals.

Maintain a positive relationship with your customers

Whether you are a B2B company or work with consumers directly, maintaining a close relationship with your customers is vital to achieving your goals. This can be done by having an open line of communication and aim to meet product or service expectations on a consistent basis. It’s also important to consider changes may be happening to your client’s business and their customers, particularly from recent COVID19 outbreaks and boarder closures. Anticipating these changes and working with your clients will help your business to plan for change, seize new opportunities and cement your relationships.

Keep an eye on the competition

Identifying your competitors and what products or services they offer your target audience is essential to your ongoing success. Some competitors may have left the market recently due to the volatile economic climate, whilst others may have diversified to ensure their growth. To keep your competitive edge, it’s important to know where your business stands with the competition, so you can take advantage of any opportunities that further your goals.

Review your risks and insurances

Volatility and changing economic climates mean that you need to protect your business from financial risks that you can’t easily manage, that’s what insurance is designed to do. So review all your key risks and discuss both your current situation and your goals with your insurance specialist, who can provide professional advice to ensure that you have the best financial protection to assist your business now and into the future.

To decide what type of insurance policies are suitable for your business, talk to an insurance professional today and find your local adviser.

Important Information 

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice. This type of insurance product is designed for small and large businesses, who want to be covered against financial loss relating to insurable business risks such as trade credit, loss of profits and other general business insurances.

We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.