Setting goals and intentions might feel like a new year activity to some. However, successful business owners often discuss the importance of continuous business planning.
Running a business is hard work and takes a level of commitment and determination that needs to be nurtured.
You will hear about well-being and self-care a lot these days, which is vital for maintaining your mental and physical health, but what about the health and well-being of your business?
What is business planning?
In the simplest of terms, business planning helps you lay the foundation for success. A solid business plan becomes a roadmap you can follow throughout your entrepreneurial journey. Even when facing challenges and detours, you can refer to your business plan to help regain clarity and focus.
When I work on my business planning, I outline the objectives I hope to achieve with Woman Who and map out the strategies I need to achieve them. The Solopreneur Awards don’t happen without having a plan in place!
A well-crafted business plan can help you secure funding, build collaborations, attract potential investors, and demonstrate professionalism. Conversely, your business plan also enables you to understand your target audience and the competition and pinpoint your unique selling points.
According to statistics curated by Hostinger, 21.9% of new businesses fail within the first year. That number increases to 50% by the fifth year, and only 34.4% of small businesses survive to celebrate their 10th anniversary.
Some of the reasons behind this failure include cash flow issues and a lack of demand. A comprehensive business plan could flag these potential challenges ahead of launch.
When starting a new business, that plan is essential to avoid becoming one of those statistics, but do you view your plan as an ever-evolving entity that helps you to manage your business? In the Woman Who community, we discuss business growth and the need to evolve, develop your skillset, and navigate challenges. You can stay one step ahead of the competition by updating your business plan regularly.
How your business plan benefits you:
- It helps you track your business growth and objectives.
- It can provide investors with a financial record.
- It enables you to review your business holistically and make changes if your targets aren’t being met.
- It outlines your products or services.
- It helps you analyse the market and put together a strategy.
Setting goals and harnessing the power of intention
To achieve business success, it’s a good idea to set goals that provide direction and purpose. Using your business plan as a guide, you can monitor your milestones to success.
Setting clear and measurable goals is crucial for staying focused, motivated, and accountable. Most of you will have come across the SMART acronym, which helps to break down your goals into actionable steps and make them more achievable.
S = specific
M = measurable
A = attainable
R = relevant
T = timely
By setting goals and tracking your progress, you can celebrate achievements, identify areas that may require improvement, and make any necessary adjustments.
What goals can you set for your business?
It’s okay to talk about setting goals, but how do you decide WHAT goals to set?
One helpful task you can do before diving into goal setting is to evaluate where your business stands now. Try creating a SWOT analysis:
S = strengths (what’s working in your business)
W = weaknesses (what needs fixing)
O = opportunities (where is the potential growth)
T = threats (what challenges do you face from competitors/industry shifts)
For example, you may recognise that you haven’t embraced any opportunities that could help you raise your visibility and, in turn, grow your audience.
Once you’ve established that you need to focus on opportunities, you might jump at the chance to enter the Woman Who Solopreneur Awards. These awards provide an excellent platform to push yourself out of that comfort zone, meet new people, boost your brand, network with like-minded women in business, and raise your visibility.
Don’t overthink the process. Follow this link and sign up today: https://womanwho.co.uk/enter-now/
As it’s my birthday on the 1st, I’ve extended the entry date until midnight on August 1st, so don’t delay and get your entry in today!
Goals vs Intentions
What if goal setting isn’t for you? That’s fine; running and growing your business must fit your values, likes, and passion.
Setting intentions can provide a softer way to nurture your business, meet your entrepreneurial needs, and build on your business plan.
What do I mean by intentions?
Intentional actions are at the heart of building a successful business. Working with intention means aligning your actions with your purpose, values, and long-term vision. It allows you to align your choices with your personal and professional aspirations.
Focusing on those activities that drive business growth while effectively using your time, energy, and resources helps you achieve and maintain a healthy balance.
Your intentions allow you to build trust and loyalty with your customers and clients.
Goal setting will always have its place, but intentions let you explore other possibilities.
If you need more help with business planning or goal setting, reach out and speak to the amazing ladies in the Woman Who community, or join us at our next event.
Woman Who Inspires Events
Each month Woman Who hosts the Woman Who Inspires Online Network, and tickets to our August event are live.
With Woman Who events, there will be networking, inspirational speakers, and learning with this month’s theme, Business Planning, Goals, and Intentions
In business, we need to network to increase our contacts and our pipeline of work for the future. Whether you network online or in person, you can share your networking tips and learn new ones.
Book your ticket HERE
This event will be an informal mix of networking, learning, and lots of inspiration. Woman Who events are very relaxed and a great way to meet up with like-minded women in business. You’ll get plenty of opportunities to network, make new connections, form collaborations, and hear from inspiring speakers.
“I have been part of Woman Who for three years – initially, new to the area, I went to network and build up relationships. The networking was fabulously organised, then I was given the opportunity to speak!! I never let that sort of opportunity go! Since then I have entered Woman Who Achieves Awards, have been a sponsor of the Networking Award, WON an AWARD, and now I am proud to be in the Woman Who Achieves Academy – Why? because I still learn so much, have wonderful support from the other professionals in the group and its fabulous to give back and share skills. Woman Who is for all Women Who know they can be and will be amazing.” Sue Tonks, HydroVeg Ltd