This is the balance of our Blog on annual planning.  Last time, the four things to look for.  In this, a simple format for writing a Plan (one page only!) and other issues to review regularly.

5. One Page Plan (OPP)

The benefit of planning is to show the right opportunities to pursue, to gain control of the business and achieve targets.  The One Page Plan lets you focus the ideas on one page, that is, the key issues at a glance but without all of the thinking.  The OPP works well for existing businesses, not so well for a start-up.  There are many formats, here is one.

- Vision - what will the business look like in 1 year; 3 years?

- Long-Term Goals (up to four over next 3 years) - like turnover, Profit, purchase premises, pay off debt

- Priorities to achieve LTG - staffing, systems, increase sales, marketing, etc.

- Short Term Goals (up to five in next 6 months) - revenue, free cash flow, new products

- Priorities to achieve STG - marketing, sales, etc.

- Key Measurements (track weekly) - count both hard numbers (sales, profit, key margins, database addresses) and activities (sales calls, closures, referrals, new clients, productivity).

6. Make Sure you Have the Right Business Structure

The structure may have been appropriate once but may not be now.  Times and circumstances change - tax, CGT, asset protection laws, your personal circumstances and intentions.  Time to review whether something else may be more appropriate.

7. Consider Succession and Estate Issues

a) If you are going to sell and want the best price, you need three years of good figures and to have effective control and reporting systems.  However, if you are going to pass it over to family, where will your retirement capital come from then?

b) Your estate needs to be planned too.  A lot of assets are not covered by a Will, like joint assets (passes to the other owner), and superannuation and assets in a family trust.  How do you want these to be handled?

Some Help?

We get asked about these things often, so we have established programs to work through and make sure what we do is effective.  Many have names we use which describe what they do and what their key purpose is, or the essential issues to be addressed.  These are good value because they are meant to facilitate the planning, not become just another once-only.  Remember, we know numbers but you know your business - the programs link up these two essentials; we can simply tell you what is needed, and you do it all, or even do the whole job for you, or perhaps help you do it, you decide what you need.

Programs include Profit Improvement Session, Objectives & Forecasts, Super and Retirement, End of Year Tax Minimisation, Grants, Monitoring and Regular Reporting, Buy or Sell a Business, Cash Flow, Getting Finance, etc.  Over the next few weeks, we might describe for you what we do in some so you can see the benefits for you and how they can be helpful.

Do yourself a favour, invest 15 minutes, call me (there will be no charge ) and see how you could  perhaps have a better and more satisfying year.