Update Your Business Plan for 2022

Business Plan Update
This time of year is when most people start to take a serious look at their plans for next year, both on a personal and business level.

If you are a self-employed small business owner, updating your business plan for the coming year could be the most important thing that you do at this time.

If your business is performing well and you are not negatively affected by the pandemic, be very grateful because you are one of a select few whose business has been stabilized or even grown through all of this.

I know that some industries have done well and the biggest problem they have encountered is the lack of able body persons available for work.

So, whether you have been struggling or succeeding, you need to make realistic goals and devise a business plan for 2022.

Let’s look at where you should begin.

A Positive Mindset!

The first thing that you need to consider is your mindset for this project. The facts of the past couple of years will certainly be recorded in history as being unique.

Dealing with the pandemic has not been easy for sure, but there seems to be a light at the end of the tunnel, even though a new Covid variant has raised its ugly head.

Your mindset needs to be one of positivity and organization.

Focusing on the coming year does not have to be filled with anxiety and stress. This project can be fun if you happen to be filled with passion for the business you have created.

Prior to the actual planning session, spend some time brainstorming, searching for all the opportunities that could avail themselves to you in the coming year.

Feel the sense of accomplishment that you will realize after the business plan is completed. You are doing something positive for yourself, your business, and your family when you make a business plan, so put a smile on your face and get started.

So, let’s begin.

1. Reflection!

Take a moment and look back at the passion, commitment, and hard work that it took to get your business started in the first place. Taste the passion, excitement and anticipation that filled you back then. This is what you need to draw upon to move forward with your business plan for 2022.

2. Visualization!

Now that you have taken the time to reflect on the past, it is time to look ahead. One of the best ways to do this is to create a ‘Vision Board’ for 2022. To do this successfully, you will need a sheet of Bristol board, scissors, glue and magazines that you can cut up.

Start by asking yourself a few visionary questions such as:

  • “What will a successful business look like in 12 months?”
  • “How much revenue will I want to bring into my business in 2022?”
  • “Am I currently adhering to my Mission Statement?”
  • “Are my customers delighted with my products and services?”

Think of questions like this and look through magazines to find photos etc. that describe your dreams/goals/plans for the 2022 year.

Cut them out and paste them on the Bristol board so you can use them as a motivation during the next year.

3. Marketing and Product Fulfillment!

Okay, now you have taken a close look at your goals and dreams for 2022, it is time to make sure that your brand and your service is on track. Your business success will require you to be on top of your product fulfillment and marketing, especially in this pandemic market.

  • Do you have an elevator pitch? Could it be improved?
  • Is your Unique Value Proposition (UVP) the best it can be, or can it be improved?
  • Are you launching new products this year? If so, what are they and when will they be launched?
  • Are there new needs and requirements that you will have to consider to meet the Covid rules?
  • Can you improve your brand awareness; make it more visible?
  • How can you delight your customers?

Your target market has a voice these days, especially on social media. What message do you want them sharing with their friends about you and your business?

Answering these questions will allow you to start painting a picture which will be the core of your business plan.

4. Goals and Action Plans!

Now is the time to start making your goals for 2022 and putting them on paper. This is never easy, but it is necessary.

Start by looking at last year’s numbers and seeing where you want to be in 2022. The questions that you have asked and the vision board that you have put together will help you create specific, realistic, achievable, and measurable goals.

Consider goals like “Increase market share by 10% by December 2022” or “Have X dollars in sales by the end of the year.

Once you have set your goals, outline the action plan including the tasks and timelines to achieve those goals.

5. Know Your Numbers!

The saying goes: “You can’t manage what you can’t measure’. As such, it is important to know what your costs are and manage them, as your business needs to generate sufficient income to meet these costs and make a profit to provide for your personal needs.

Managing cash flow can be even more difficult than usual in times of uncertainty, so it is important to prepare financial forecasts when planning for the year ahead and then use them in managing your business.

It is important to know your margins, your breakeven point (which is the amount of revenue required to meet your expenses), and other important financial ratios.

Go to https://selfemployedbusinessacademy.com/manifesto-administration-finance/ and scroll down to ‘Analyzing Your Finances’ for some helpful information to understand these important ratios.

In Conclusion!

Your business plan should be a clear roadmap to success. It needs to be realistic and attainable. There is no value in making outrageous projections that you will never meet.

Your plan is not just the final numbers, it should be your actual 2022 journey where you use the roadmap to guide you throughout the year.

Have fun creating your plan. It can be your own design, or you can follow templates that are available online.

In fact, you can access ‘Essential Business Planning’ training and templates to create your business plan with a trial membership of the Self Employed Business Academy.

Let’s make 2022 your best year ever!

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