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The Flevy Blog covers Business Strategies, Business Theories, & Business Stories.
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Editor's Note: Take a look at our featured best practice, Business Plan Template (24-page Word document). Business Plan Template is a tremendous time-saver that lets its users focus on the content of their business plan rather than on format and style. This template has all of the writing of an entire business plan done for you. All you need to do is fill in the appropriate information for your company [read more]
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In one month, 2021 is coming to an end and it is time to prepare for the next year. This period is considered the most appropriate time to set goals and motivation. It doesn’t matter what kind of business you work in. Each company must enter the next year with complete confidence and have a clear plan of action for the development of the company.
Over 30% of organizations fail in the first few years of operation. More than half of companies cannot survive more than the first five years.
This is a result of the negligence of many leaders in planning goals and objectives. It is also a reluctance to analyze the market and current trends.
In this article, we’ll show you how to write a business plan for 2022, brainstorm, and understand what opportunities are in front of you.
The first thing to do is remember why you started your business. List the reasons and you will be able to find the motivation that has become the engine of your company’s progress.
Determine the reason, and then analyze what contribution you have made and what you can do next.
Having understood the reasons, you can clearly define for yourself how you want to see your business in the next year. You can sketch out general goals and create a vivid mental picture of the growth of your business.
Use illustrations to show your employees your vision for the future. Find images online that you can rely on so your team gets a feel for your mood.
If nothing comes to your mind right off the bat, then answer the following questions:
You have imagined a picture in your head for a big future. Now you can set clear goals that you can achieve in 2022. State a feasible goal that you can achieve by the end of the year. This can be the size of revenue, an increase in market share, and more.
If you are new to the market, then you should think about what product or service you will offer your customers. Find answers to the following questions:
Identify your direct competitors and determine whether you can compete and how you are going to achieve this. Identify all the advantages and disadvantages of your opponents. Based on this, you will be able to find a loophole to stay ahead of the competition.
Analyze the current market prices and determine the exact price of your products. You must have a clear idea of what the initial cost of the product is and how much you can mark up to make your products sell well.
Your products should target a specific category of people. Conduct a survey, interview, or research to have a clear understanding of where they live, socioeconomic parameters, interests, principles and beliefs.
After that, it will be easier for you to understand how to advertise your products, which characteristics are of paramount importance.
Every company must keep clear records of profits, costs, revenues, taxes and interest. To do this, you can use specialized software that structures your accounting.
Bullion and сoin sellers have a great opportunity to use point of sale software Aureus POS for gold dealers, which will improve а industry player’s ability to manage sales, pricing and customers.
With comprehensive information on hand, you can make clear recommendations for implementing your plan. By prioritizing, you can distribute tasks and strategy development among qualified people and set deadlines for their completion.
For a better orientation in space and time, make a schedule and to-do list for each month that will bring you closer to achieving your main goal. Good luck in 2022!
You can download in-depth presentations on Business Plan Example and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.
For even more best practices available on Flevy, have a look at our top 100 lists:
These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.
