“A goal without a plan is just a wish.”
Antoine de Saint-Exupéry
French Writer & Pioneering Aviator
Amid the hustle and bustle of the holiday season comes the thought of planning for a productive New Year. While we intend to make a plan and stick to it, sometimes that is easier said than done. However, developing a strong action plan for your business is essential – if not critical – to your long-term success.
“But I prefer to fly by the seat of my pants, Cindy!”
Yes, I hear you! But here are three convincing reasons to develop an action plan starting in 2024 and beyond.
Here’s the Long & Short of It: Goal Setting
Before you officially started your business, you conducted research. That likely included finding information on your ideal target audience, competitors, product and service types, cost/pricing, and funding. All that information typically goes into a business plan that forms the foundation of your business for the first year.
But how do you know if the business is successful or not?
It all comes down to whether you have reached short- and long-term goals. Action plans contain goals and guide you to achieving those goals. According to the Small Business Administration (SBA), an action plan helps business owners “break large goals into smaller, more manageable steps.”
As you take action, remember to document progress using project management tools like ClickUp or Asana. You will know who is assigned to what task and can easily get a high-level overview of the status.
Identify All Necessary Resources
As a small business launches and grows, resources are needed to keep it running. That includes both financial and personnel resources. You may have limited resources in the first year of most small businesses. In fact, most business owners wear multiple hats during the first several years to save costs.
But with an action plan in place, a business owner can start thinking about what he needs and who he needs to carry projects to completion.
For example, let’s say that in 2024, ABC Company wants to start posting and engaging in Q2 on social media platforms like Instagram, Facebook, and TikTok. The business owner plans on giving that project to the office manager, who then, in turn, begins researching social media experts, the associated costs, and the amount of time it takes to incorporate social media into their marketing strategy.
The business owner may set aside funds in the annual budget and/or plan to hire additional administrative support while the office manager focuses on this project. An action plan allows for a new initiative to be organized and well thought out.
Action Plans Ease the Sting of the Unexpected
I recently talked with a colleague who unexpectedly lost her largest customer this past fall. It was an unexpected gut punch that threw her off her game mentally and financially. Sadly, she had to furlough an employee and is making extra sales calls during the holiday season, when she usually slows down.
The unexpected certainly happens in business. In fact, the U.S. Chamber of Commerce recently discussed risks to small businesses specifically that include:
- Cash flow management
- Cybersecurity
- Creating a risk management team/plan
- Insurance coverage
- Avoiding long-term commitments
- Online reputation management
Any of these items or a combination of them can wreak havoc on a small business. As the article points out, these six concepts require time and thought from the business owner. Would you rather have thought of these ideas now and never need them versus needing them and not knowing the proper steps to take next? Perhaps risk management should be part of an upcoming action plan!
Thomas Edison said it best: “Good fortune is what happens when opportunity meets with planning.” Success is within your reach if you plan for it. Sure, you may have a few unexpected positive surprises that pop up. For the most part, though, your success is dependent on planning. You may stray from the script here and there, but an annual action plan will set you on the right path every time.
What does your action plan look like for 2024? What pitfalls have you run into as you were developing it? Tell me more in the comments below!
And if your 2024 action plan includes adding or enhancing social media, let’s talk about it now so we can start the year right! Schedule a discovery call to see if VPS Social should be an integral part of a successful New Year for your business.
