REVIEW, REVISIT AND REFRAME

AUTHOR: Katharine Terry

When you started your business, it is likely that you had a vision in mind for its future. Whether you created a plan at the time, or focused on directing your efforts towards your vision without a specific plan, it is likely now that you need to rethink your vision and your strategies to get there.

  1. REVIEW your original business vision:
    1. Have the events of 2020 derailed my original vision? If yes, which specific outcomes have changed?
    2. Was my business on track to achieve my vision before this? If not, why not?
    3. Is my original vision still attainable? Think about this one carefully. You may be able to strive for the same goal, even if you need to plan a different route to get there.

Whatever your answers to these questions, the new business landscape is an opportunity for you to seek new pathways to success.

  1. What does SUCCESS look like to you now?

Your values may have changed and, with them, your ideas of success. That shiny new renovation to your premises might seem less important to you now, compared with providing a flourishing environment for your whole team to seek success together. REVISIT your vision to ensure it is still consistent with your values.

Your proposed early retirement might be less important than spending more time with your family while you are all young. Conversely, you might want to reap the material rewards of your hard work before the world turns upside-down again. Remember that your PERSONAL VISION and BUSINESS VISION need to align for you to achieve both.

  1. When you have established your new vision of success for your business, REFRAME it in a WRITTEN STATEMENT. Share your statement with someone whose opinion you value and revise it until you are comfortable with the result. This is your new vision.
  2. Once you have articulated your vision, you will need a PLAN to get there. ‘But I can’t plan with so much uncertainty in the world,’ you say. ‘Look what happened to my last one!’ You can always revise a plan in uncertain times. Your plan can guide you through as you modify it to circumstances. If you don’t know where to start, a business plan template will help.

Reconsider your most recent SWOT analysis, where you identified the Strengths and Weaknesses within your business and the Opportunities and Threats external to your business.

You may have to redo it completely, given the new normal and your new vision. It is important that you recognise the factors that can affect your business and plan accordingly. Your business is different to other businesses that offer similar services and products because YOUR BUSINESS IS UNIQUE.

The value of engaging a consultant to facilitate strategy sessions will be clear when you have strategy that makes every new day a fresh opportunity. AAA Financial and Consulting provides financial reviews, one-to-one and group coaching and mentoring, and facilitates strategy sessions, employee surveys, market research and customer surveys.

You can now specify the steps your business must take to maximise on your strengths and opportunities, and overcome weaknesses and threats. Document these steps in a plan that stipulates your short, medium- and long-term goals. Try our BUSINESS PLANNING TEMPLATES. Remember that your business plan is a living document that you can change over time.

AAA Financial and Consulting has the experience to assist you to plan objectively and maintain control. Your business plan will give you milestones by which you can monitor your progress towards your vision.

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