The start of a new year is a natural moment to take stock of your business. You probably have ambitions for your business, but you also want it to help you reach your personal goals.
Many business owners take out to periodically set priorities for their business to support their wider life objectives. This kind of strategic planning involves stepping back from day-to-day work so you can consider the bigger picture. It is about deciding where you want your business to be and how to get there.
How to do it
A practical approach to strategic planning often involves:
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Reviewing your aspirations: What do you want to achieve both in the business and in your personal life? Where would you like to be in 12 months, five years, ten years? What will it take to get you there?
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Reviewing the previous year: What went well and what didn’t? Which of your products or services performed best? Which customers were the most profitable, or perhaps nicest to work with? Which staff showed potential to take on more responsibility? Questions like these can help you identify what might be possible in the year ahead.
- Setting objectives: This involves setting some clear and measurable goals for the next 12-24 months. These might relate to sales and revenue, reducing certain costs, new product launches, training, or investment.
- Identifying key actions: Each goal needs to be broken down into concrete steps. You can then assign responsibilities and set timelines for those steps.
- Monitoring progress: Over the year, you can then review how the business is doing against those actions and adjust as you need to.
Keep your personal goals to the fore
As you work through these steps, it can be helpful to keep your personal goals clearly in mind. Otherwise, you may work hard to achieve a business objective but find it has negatively impacted your life outside of work.
For example, while looking at where you want your business to be financially in the next 12 months, consider how the profits could support your personal plans, such as saving for a home, investing in a pension, or taking more time off.
Alternatively, a new product launch might increase revenue, but it could also require long hours. So, how will this fit with your personal priorities, like time with your family or maintaining your health?
How to start
Strategic planning is difficult to do while dealing with the day-to-day demands of your business. The best way to start is often to block out some dedicated time where you are free to think about your aspirations and objectives.
You might also want to involve key team members as you review 2025 and consider what is possible for 2026.
Using an external adviser can also help provide a neutral, objective view that helps you to work smarter, not harder.
If you would like a hand, we can help you in setting priorities, modelling potential scenarios, considering the financial and tax impact of decisions and turning your objectives into actionable steps. Get in touch and we would be happy to help you build a roadmap that supports both your business and personal goals in 2026.
With the festive season underway and household budgets feeling the pressure, it may be useful to know that if you are worried about paying your tax bill in one lump sum, you may be able to spread the cost.
The Institute of Chartered Accountants in England and Wales (ICAEW) has said that doing business in the UK is too uncertain and expensive, and more stability in the tax system is needed. Their comments were in response to the government’s call for evidence on how the tax system can better support entrepreneurs.