Your once-a-year business plan checklist

Is it time for you to assess how your business’ planning and performance? Here are some things that should be on every small business owner's to-do list when it comes time to take stock.

1. Review your business plan

Hopefully you have a business plan, drafted recently, that details your objectives, the operations needed to achieve your objectives and your forecasted goals. Ideally, it will contain information about your products or services, sales and marketing strategy, financial position and, most importantly, your forecasted revenue and profit. The new year is a good time to go back over your business plan, see how you've fared and whether you're still on track. Conducting a SWOT analysis - a review of your business's immediate strengths, weaknesses, opportunities and threats - can help you determine where to focus your efforts next.

2. Set goals

To keep your business heading in the right direction, it's important to set goals to work towards. There may be new markets you want to tap into, a partnership you're keen to pursue or a sales target you'd love to reach. Writing down goals for every aspect of the business - and how you'll go about achieving them - can motivate you and your team to tackle the New Year with purpose. Remember to make your goals SMART - specific, measurable, achievable, realistic and timed.

3. Plan your workforce

If your small business is growing, you might need to consider increasing your headcount. Alternatively, you may need to think about recruiting for contract or freelance support or partnering with a third party, such as an agency. Weighing up your options in line with your anticipated resource requirement means you'll be ready to respond, not scrambling for extra bodies, if business goes ballistic.

4. Single Touch Payroll

Single Touch Payroll (STP) allows Australian businesses to report employees' tax and super information to the ATO electronically each time they run a payroll. Finding out whether your payroll software supports STP reporting and double-checking that you're paying your employees correctly will ensure you're not caught out.

5. Clear your desk

The run-up to Christmas can be a busy time for small businesses. It's easy to get behind on admin when there are more pressing matters requiring your attention. Clearing your email inbox and catching up on paperwork over the holiday break will see you better placed to take on the challenges of the new year with a fresh mindset.

6. Say thanks

What better way to kick off a business assessment than by acknowledging those who’ve contributed to the success of your business so far. A personal note thanking suppliers for their service, customers for their business and employees for their efforts is a great way to let people know you appreciate and value them.  

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