BUSINESS SUPPORT PLANNING TO SUCCEED
As we approach 2024, it’s important to plan ahead to maximise new business and minimise stress BE A POWER PLANNER
I f you fail to plan, plan to fail. Martina Höfner, Operations Director at Esteem Training Limited – an FMB associate member – says construction companies should apply this wisdom to their business strategising. Remember that the past shapes the future “Most of us want to make sure we're planning ahead so we start 2024 on the right foot,” Höfner says. “One way to do this is to start by looking at some of the key issues that your business has experienced this year.” After all, knowing what has happened is often a good indicator of what to expect in the future. An obvious example is the increase in material and labour costs. “So planning ahead also means planning with your clients, being proactive and communicating with them that price hikes are going to be continuing for the next year at least,” Höfner says.
When quoting for work, Höfner’s advice is always to stipulate to clients that the quoted price may change in line with increases in inflation. “It’s about looking at past challenges and planning around those for the next year.” As FMB members, you have access to support resources such as a template letter to send clients explaining that prices are subject to change due to the ongoing economic uncertainty. You can download the letter at tinyurl.com/MB-letter- template Schedule regular time in your diary to plan For a small building company or a sole trader, setting time aside to
by something shiny when you should actually be focusing on the work you've got and how you can plan for that”, Höfner says.
in your diary every week and month to plan ahead.” January is a good time to devote to your future focus and align business developments with the start of the new tax year, Höfner says. She advises challenging yourself with the following questions: What is my vision for the business? What is in the current pipeline?
Set SMART goals for your business
Höfner says to set sensible goals for the business, using the SMART framework, which refers to goals that are specific, measurable, achievable, realistic and time-oriented. An example of a SMART goal might be hiring one new staff member by June 2024. “Don’t go crazy,” Höfner says. “Start with just 3 SMART goals for the next year or next financial year. Break it down into bite-sized chunks. So maybe you spend time this week focusing on goal number 2, which might be to bring in more work.” The week after you could focus more on goals 1 and 3, for example. Just make sure it’s manageable, which will make it sustainable.
What does my ideal pipeline look like? What resources do I need to achieve it? How do I get there?
“If you don't sit down to plan ahead, what you hope to achieve is not just going to happen by accident. These things only happen proactively.” Being a small business owner is challenging. There are many competing demands vying for your attention – and it’s easy to be “set off in a new direction
do anything offsite is a challenge. But planning
ahead should not be put off. “You have to take some time out of the business to spend on the business,” Höfner argues. “So schedule time
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