Have you done a business check up lately? Make time to review your progress and plan for success in the coming year.<\/p>\n\n\n\n
The business plan and goal setting that you completed as part of the application process will be a critical tool as you begin to build your business. This enables you to gauge your progress and to take corrective action when things don\u2019t go according to plan.<\/p>\n\n\n\n
As you approach the end of your first year in the program, we recommend a comprehensive business plan review. Be prepared to invest between one and five hours in your review and planning. At the end of the review you will have refocused, prioritized and planned for success in the coming year. <\/p>\n\n\n\n
We have captured some best practice thinking around business reviews below:<\/p>\n\n\n\n
Prior to writing or revising your business plan for the upcoming year, remember to spend an adequate amount of time reflecting on the progress you made on the previous year\u2019s plan. <\/p>\n\n\n\n
Finally, engage your mentor to improve the quality of your plan. Invite him or her to ask challenging questions and suggest specific ways to enhance the plan.<\/p>\n\n\n\n
Use the template to support your business plan review and planning process. Simply make notes on progress to previous goals and identify your focus for the upcoming year.<\/p>\n\n\n\n
A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis can help you understand how your business is positioned in relation to the market and your competitors, and thus provides verification of strategic\/competitive analysis.<\/p>\n\n\n\n
By carefully evaluating your business before creating next year\u2019s business plan, you can start to craft a strategy that helps you distinguish yourself from your competitors. Create an overview of your business today by thinking through the questions to complete the chart below. Use the following evaluation criteria to further assess the key areas of your business plan and ongoing development.<\/p>\n\n\n\n Remember: Simply make notes on progress to previous goals and identify your focus for the upcoming year.<\/em><\/p>\n\n\n\n Have you done a business check up lately? Make time to review your progress and plan for success in the coming year. The business plan and goal setting that you completed as part of the application process will be a critical tool as you begin to build your business. This enables you to gauge your […]<\/p>\n","protected":false},"featured_media":0,"template":"","resource_category":[55],"resource_type":[87],"resource_phase":[94,89,91,92,96],"class_list":["post-6748","resource","type-resource","status-publish","hentry","resource_category-business-planning","resource_type-download","resource_phase-mentor-grow","resource_phase-entrepreneur-grow","resource_phase-entrepreneur-launch","resource_phase-entrepreneur-plan","resource_phase-mentor-support"],"acf":[],"_links":{"self":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/resource\/6748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/resource"}],"about":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/types\/resource"}],"version-history":[{"count":0,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/resource\/6748\/revisions"}],"wp:attachment":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/media?parent=6748"}],"wp:term":[{"taxonomy":"resource_category","embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/resource_category?post=6748"},{"taxonomy":"resource_type","embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/resource_type?post=6748"},{"taxonomy":"resource_phase","embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/resource_phase?post=6748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/em><\/p>\n\n\n\n<\/th> Strengths<\/th> Weaknesses<\/th><\/tr><\/thead> Internal Factors<\/th> What advantages does your company have?
What do you do better than anyone else?
What do people in your market see as your strengths?<\/td>What could you improve?
What should you avoid?
What are people in your market likely to see as weaknesses?
Are your competitors doing any better than you?<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<\/th> Opportunities<\/th> Threats<\/th><\/tr><\/thead> External Factors<\/strong><\/td> Where are the good opportunities facing you?
What are the interesting trends you are aware of?
Are social patterns changing in your favour?
Can new technologies or markets be exploited?<\/td>
What obstacles do you face?
What is your competition doing?
Do you have bad debt or cash-flow problems?
Could any of your weaknesses put your business at risk?<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nEvaluate Business Plan Components<\/h4>\n\n\n\n
Market Review<\/th> <\/th><\/tr><\/thead> What have your key marketing initiatives been?<\/td> Sales<\/td><\/tr> How does this compare to your original marketing plan?<\/td> Pricing<\/td><\/tr> What are the key considerations for the business as you create next year\u2019s marketing plan?<\/td> Advertising and Promotion<\/td><\/tr> What are the risks identified? And what contingencies have been advised?<\/td> Competition<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Operational Review<\/th> <\/th><\/tr><\/thead> What are your key operational accomplishments during the past year?\n<\/td> Product Quality<\/td><\/tr> What areas for improvement still exist?<\/td> Premises and equipment (technology)<\/td><\/tr> How can your operational priorities contribute best to the success of the business next year?<\/td> Human Resources
Risk Management<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nManagement Review<\/th> <\/th><\/tr><\/thead> Are the right people in the right roles? <\/td> Knowledge, Skills, Abilities<\/td><\/tr> What incentives have been introduced to drive the business (commitment)?<\/td> Advisors<\/td><\/tr> What gaps in the team need to be addressed?<\/td> People Engagement
Performance<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"