Your Business Plan
Anna Stubbs • March 1, 2024
An ever-changing business landscape can present unforeseen challenges for any business at any time. Identifying risks and opportunities in your business model and creating a Business Plan will help you prepare for difficulties or adversities and provide clarity in the event of a crisis in the future.
Now is an ideal time to document a clear Business Plan:
- Defining what you, as business owners, want from the business; this includes cash drawings, your role, hours of work and holidays.
- Establishing your budget to ensure you’re generating enough cash to cover all expenses including tax, personal expenses, loans and asset purchases.
- Determining your critical KPIs; the most important things you need to measure to track your progress towards achieving your targets.
- Identifying your opportunities and vulnerabilities; the factors that will most impact your business recovery.
- Determining how to manage your most critical challenges.
- Establishing your 12-month and 90-day goals to ensure you’re clear on your priorities.
- Clarifying your actions to achieve those goals.
If you haven’t created a Business Plan, we can facilitate this. You’ve got the smarts on your business, what’s working and what might need to change. Our expertise lies in stress testing the numbers and pulling everything into one concise plan of attack – so if the unexpected happens, you’re prepared. Contact us today.
"Gone are the days when flexible work was a perk. Whether it’s hybrid roles, remote options, or custom hours, flexibility has become a baseline expectation." - Recruitment Trends for SMEs by Onside. The pandemic may have introduced us to the idea of working from home, but the ability to flex where we work from is now a core expectation for many employees.
“Q: Do customers still want good, old-fashioned customer service?” Customer service has changed. We now have multiple options for automating our customer interactions or offering self-service options to our customer base. Customers can talk directly to AI agents or sort out a query with an automated chatbot. It’s fast, efficient and (from your viewpoint as an employer) highly cost-effective. But is automated customer service always the best option? In an environment where your customers are surrounded by digital interactions, wouldn’t it be nice to offer a more human and personalised level of customer service? And does that mean hiring more staff? “A: There’s still great value in personalised customer service.” Fundamentally, customers are still seeking out the human element of customer service, amongst the sea of digital and online noise that we’re now surrounded by daily. There are three core reasons why customers crave this more personal touch: Trust and empathy : When dealing with complex or emotionally charged issues (like financial errors or faulty products), customers want to talk to a human agent who can demonstrate empathy and take ownership of the problem. Chatbots may be efficient, but they don’t deliver when it comes to customer empathy. Context and recognition : Old-fashioned service means being recognised and having your history remembered. Customers expect the business to know their needs, history and preferences without forcing them to repeat this information. A human agent with access to a CRM system can deliver this recognition in a personalised and tailored way. A need for exceptional service : A recent Australian survey found that 88% of consumers expressed satisfaction with customer service interactions that were managed mostly or fully by human agents. When customers have a good experience with a human agent, this increases their brand advocacy and can also generate positive word-of-mouth referrals (one of the best ways to attract new customers). The impact of human-led customer service can be immense. AI agents and software automation can boost your overall efficiency for many simple tasks and customer interactions. But having the human touch drives customer loyalty, retention and your competitive advantage. Hiring more customer service staff (and investing in their training) could be a way to find your own competitive advantage as a business.
Is your cashflow position keeping you awake at night? Don’t worry, we have five simple tips to improve your cashflow management and achieve a positive cash position.