We’ve all heard the saying, “Failure to plan is planning to fail,” and it’s still true. Long-term successful businesses don’t happen by accident; someone somewhere, is making plans that keep the business chugging along, come what may. The last couple of years have been the biggest challenge that many businesses have ever faced, and there are plenty of businesses that are still around (even thriving!). I would bet you that these businesses made (and followed through) on comprehensive plans.
The Great Resignation
We’ve been hearing a lot of talk about The Great Resignation, and how hard it is to hire staff and keep staff. People need and want to work; they would prefer to work for a well-run business where staff are valued, and that means a business where management is keeping track of the day-to-day, planning for the future, and involving employees in the plans for the business.
Business Plans – Living Documents
Per The Balance, “Business plans aren't just about money. The business plan outlines the general planning needed to start and run a successful business, and that includes profits, but it also goes beyond that. A plan should account for everything from scoping out the competition and figuring out how your new business will fit into the industry to assessing employee morale and planning for how to retain talent.”
Involve Your Employees in Your Business Plan
Entrepreneur.com says, “Research from Harvard Business School and the Balanced Scorecard Collaborative, now part of The Palladium Group based in Boston, found that 95 percent of a typical workforce doesn't understand its organization's strategy…. Great companies have a leader who involves employees in developing their strategy, plans and goals. Do this and your business with thrive.”
Successful business planning includes employees; keeping track of employee morale, making sure that staff have the training and equipment they need to do their jobs, hiring good people, and releasing people who aren’t moving the business goals forward.
Let Shaw & Associates Help You Plan
Shaw & Associates can be an excellent resource for your business, to help you keep your business running smoothly, and help you plan for the future, including staffing. If you are at a loss for where to start with planning for your business, let us be your first call.
Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.