The famous quote from Benjamin Franklin “By failing to plan, you are preparing to fail”, was relevant to a client of mine recently.

Not for the first time have I heard “I have a brilliant idea” or  “a great opportunity has come my way”! With all the enthusiasm in the world, the client wants to go at 100km/h and start moving on this new project.

As a typical accountant, I always approach these things with caution and ask a few questions. Before long, we are working through a strategic plan working out the strengths and weaknesses of this proposed venture and more importantly looking at how a cashflow would look like for this new venture.

Whether it is for a new venture or an existing business, reviewing a strategic plan should be done annually but also updating the plan on where the owner wants to be and how they are to get where they want to be is important.

I have written before about the effect of COVID and the impact on business owners recently. There has been a major shift in business owners perspectives on their businesses and the way they are run, but also their personal goals and the time they want their dreams to happen.

A new client recently came to see us about changing the way they are to run their business. Like many businesses, the struggle of rising costs and staff shortages is impacting the way they are doing business. After reviewing their current trading to looking at a proposed new way of running, we found that they could make more money with less people and less time working than their existing trading conditions.

The alternative was to close up business completely.

We were able to come up with a solution by sitting down and setting a plan to move forward.

A Strategic Plan can bridge expectation gaps, establishing clear and realistic goals, conducted thorough research and analysis, involving key stakeholders in the planning process. The Plan should be communicated effectively, with regular monitoring and evaluation of progress. Additionally, organisations should be open to adapting their plans and strategies based on changing circumstances to minimise expectation gaps and maximise the chances of achieving desired outcomes.

If you are a business owner and experiencing issues as described above, in the first instance, I am happy to have a chat. Please contact Mark or the team at mark@mcaccg.com.au or 9923 2959.

“This is general advice only and not to be interpreted as individual advice specific to your situation. Contact us to discuss the best solutions for your needs.”