As a business owner it is easy to get caught up with the day-to-day operations of running a business
Taking some time to step away and review your business can help bring clarity and effectiveness.
Review our quick checklist to help you get started.
1. Define your business objective/s for the year
Where do you want to be by the end of 2023? It helps to write them down, and ideally, they should be specific, measurable, and achievable.
2. Break your objective down
Define and note down the steps you need to take to achieve those business objectives
3. Be clear on your target market
What areas are you covering? Who are your ideal target customers?
It may be helpful to look back at the last couple of years and who your most profitable jobs were and why.
What traits did these customers have? What areas was the work in?
Are there any new emerging opportunities in your area/industry which you have the capacity and the skills to capitalise on?
4. Review your operational expenses and insurance/s
Ensure alignment with your business plan, accounting for factors like rising fuel costs, wages, holiday entitlements, and up-to-date insurance coverage in line with your current and future business goals.
5. Check in and update your business plan
Make sure your business plan is current or has your business evolved and your plan needs to be updated?
6. Marketing plan
Review your marketing strategy and build a plan for this year (or update your 2022 version). Understanding the journey your customers go through to select an electrical business and why they selected you can be pivotal to finding more customers and refining your marketing plan. Did they select you because of your great online google reviews, was it a referral from a friend/builder etc.
Review the effectiveness of your marketing activities in 2022. Optimise where possible.
7. Review your business processes/operations
Are there any areas where you could better optimise to help with efficiency?
Business.govt.nz has some free business planning resources available here
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