What’s your personal vision and how does it fit in with your business?
When starting our business we talked a lot about the aims and objectives, where we wanted the business to go, how much turnover/profit we needed and these were key elements in forming our business plan.
We very quickly had a business plan but it raised questions whether it would support our personal needs which were very different for each of us. These needs included moving house, getting a new car and even eventually retiring - all of which will/should impact on your business plan and are things that you should consider if you are a sole trader or in partnership with someone else.
Working in a family business, it was really important for us to think about this. Dad and I are at very different stages in life – Dad will at some point in the future want to consider retirement and I am hoping to build a business that will grow with me, give me the security I need to have a roof over my head and of course support my love of buying shoes and handbags! We have had to have open and honest conversations to ensure that although our personal visions are very different our business can support them both. There were elements of our business plan that we had to look at changing to try to make these goals more achievable and in doing so we now have a stronger and more robust plan.
Having gone through this process, I cannot recommend it enough to really make you think about what you want from your business and whether it is set up to deliver it. As a result of our experience we have initiated some of these conversation with our clients - the process of which was quite eye opening for them and for us.