One minute read: 3 tips for better business planning
As a small business owner you might be balancing a number of roles. This means it can be difficult to also find the time to think strategically and plan for business growth.
But business planning doesn’t have to be an impossible task. Here are three tips for better – and quicker - business planning:
1. Become a data driven organisation (easier and quicker than it sounds!)
Data can help you strategically adjust your operations for maximum efficiency. For example, Worldpay research found 57% of small business owners are unable to pinpoint their busiest trading day of the month and furthermore 62% cannot identify their top three selling items. An online business planning tool can help you tap into your business data and generate valuable insights.
2. Identify consumer trends
Better understanding your customers is vital for planning. Identify trends in customer spending so you can create effective and timely promotions and offers that your customers will really love.
3. Track transactions
Do you know when transactions are due to clear? Knowing this can help you allocate funds strategically so you know what day you should, for example, be purchasing more stock or paying bills.