December 20, 2021

Plan for your salon suite business in 2022

member smiling with new years party favors.

December is “Write a Business Plan Month.” Although you may have written one before, it is important to update your plan every year with a list of your goals and how you will accomplish each of them. A business plan will help you grow and develop your business. Studies have proven that companies that plan and review their results regularly really do grow 30 percent faster. Beyond faster growth, research also shows that companies that plan actually perform better. It is also a solid foundation for strategic planning and prioritization. Entrepreneur.com outlined some ideas for how to develop your business plan in 2022.

Common mistakes according to Entrepreneur for creating your business plan:

Mistake 1. Waiting for the beginning of the year to plan

Mistake 2. Design complex and elaborate plans

Mistake 3. Having different ideas about where you want to go

Don’t fall into these common mistakes, instead focus on what a good business plan should contain:

  1. Your purpose or your WHY. “Brands that have a clear purpose experience 400% more profitability than those that don’t.”
  2. Objectives of 3 to 6 years. “once you have established your long-term purpose, you can define medium and short-term objectives to get closer to that great objective, with quantifiable brand promises for your clients (what you want to be recognized for) and with the main capabilities and key approaches that your company must follow in that period of time.”
  3. Goals or results that you can achieve in the next 12 months. Be sure to outline how you will achieve these goals.
  4. Measure your goals/results. “What is not measured cannot be improved.” Make your goals a measurable goal that you can track your results.
  5. Consider global trends. Not just in your industry but global trends such as social or political issues that can effect your business such as trade issues or being able to obtain products and necessary items for your business.

Click here to read the entire article from Entrepreneur.

 

 

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