Planning the Future of Your Business Strategically

At WS Accountancy we place a great deal of emphasis on planning the growth and development of your businesses. That is because we understand and know that it can be tempting to steam ahead in business without any real idea of what your next steps will be. ‘Playing it by ear’ is not a good business strategy if you are trying to run a successful business. In such circumstances it is not unusual to apply quick fix remedies at the expense of a long term growth and stability.




There are always challenges to face in business. Just when you think you have found the right remedy one part of your business equation will change. Having a strategic plan will help to keep your business on track. Naturally as an accountancy practice that incorporates business advisers we would advocate the inclusion of strategic planning into your business. There is no substitute for long term strategic planning. Attempting to run a business without strategic plans is similar to driving in a car that has blacked out windows and trusting in faith that you will end up at the right destination.



Given that the economy is currently in a transitional and unpredictable phase it would be wise not to rely on a singular plan. Instead it may be more expedient to have several scenarios to one situation. It is more than likely that you will have some good ideas about how to achieve your strategic goals. Having an alternative options can save time and could possibly prevent a crisis. Thinking of several scenarios will definitely add strength to your preferred plan as it gives you to an opportunity to think in terms of contingency planning.



Things to keep in mind when formulating a strategic plan are:



What key business relationships are vital to the success of your business?



Are the assumptions and plans that you made about your business last month still sound and applicable to your business?



Can you anticipate new opportunities arising in your business sector in the future?



Are you able to exploit newly emerging business opportunities?



Is your business reliant on a few major clients; are you aware how their business is doing?



Do you take the time to obtain regular credit reports on your clients or references from other traders?



Do you take the time to consider opportunities that may arise out of a global market?



Does your long term planning quip you to trade in European markets?



What would you need to compete in European or global market?



There may be financial assistance available from the government especially if you are exploring the possibility of trading in overseas markets. Knowing how best to access this funding is an area where you may need professional assistance. Seeking professional assistance from a professional firm such as WS Accountancy to support your business can help your business to achieve growth and profitability. Spending too much time focussing on where you are now and how turbulent the current market is can be detrimental for your business. Strategic planning is an essential ingredient for every business. There is a wealth of support available to you, and as such there is no need to go it alone.