As we enter October and the 4th quarter, the holidays and the new year are fast approaching. What you do today will shape your Q1 next year. Now is the time to start your business plan for the coming year—but before diving into what's next, take a moment to reflect on the past year.
What went right? What went wrong? If you have employees, conduct a thoughtful analysis of your team's strengths and areas for improvement. What are you focusing on for the remainder of the year? By assessing where you’ve been, you’ll have a clear roadmap for where you’re headed.
Creating your business plan doesn’t have to be a lengthy process. In fact, a one-page business plan is far more effective than a crazy detailed plan that you spend weeks developing but never look at again. Your business plan should consist of the following 3 properties.
Set clear goals. Determine your annual goal in terms of units and revenue, establishing both a base and a stretch goal.
Identify 3 key focus areas. Choose 3 areas of focus that will enable you to hit your stretch goal.
Develop up to 5 strategies per focus area. These strategies should be specific, actionable and measurable.
Here’s a simple, 5-step process that should take less than 5 hours.
Step 1: Reflect on the past year. Write down what worked, what didn’t, complete a team analysis and your key takeaways.
Step 2: Draft your business plan for next year. Let it rest for a day or two before revisiting.
Step 3: Review and refine your plan.
Step 4: Meet with a mentor, trusted colleague or coach for feedback. Ask them for brutal transparency to identify what you overlooked.
Step 5: Finalize your plan.
By taking the time to reflect, plan, and refine, you’ll be set up for success in the coming year—in 5 hours or less!
Ready to take your 2025 business plan to the next level? At Stello Strategies, we specialize in helping businesses create tailored, actionable plans that drive results. Whether you need guidance refining your goals, identifying key focus areas, or implementing effective strategies, we’re here to help. Schedule a complimentary consultation today and let’s build your roadmap for a successful 2025—together.