Russell Bell: Planning ahead for your business in 2018

Time flies when having fun. Photo/ File

It's almost the end of January and more than six per cent of the year is already behind us.

Time flies when you are having fun and for many of us that's what this time of year is about – with the holiday season winding up and people, like me, returning from summer escapes.

I write this on day one of my new work year and note that where the last few days have whizzed by, strangely, today is limping a bit!

This summer I spent so much time on my mountain bike that it almost became attached to me.

It was also good in that, while I was careering down a hillside negotiating stumps and jumps, there was little time to think about work.

It was good to clear the head but now that I am back, I am looking ahead and planning for what I will work towards in 2018.

Strategic planning is an essential component of any successful business and I have two plans – one for myself and one for the business – both are intertwined.

It makes sense to plan, not only for business but for yourself also.

This may extend to fitness, to looking at how you use your time effectively, to building relationships and many more things!

I personally find that it is good to be challenged so I consult with a mentor and read as much as I can over the break to get fresh ideas and insight into how my personal and business strategies sit.

So, what are you going to achieve? What are your targets? How are you going to approach the year?

It's important that you set goals for yourself and your business that are energising, motivating, measurable and attainable.

However, you should make sure that you also set some "stretch" targets.

The key to stretch targets is that they do just that, they stretch you to new levels of performance and like muscles when you exercise, you and your business develop new strengths as you achieve them.

It is important that the plan you set in place has clearly defined outcomes – this is crucial, particularly if you are starting from scratch.

Even if you think you already have a plan, now is a good time to pick it up and test it to see if it is still applicable.

It is also just as important to understand the risks and opportunities which you may find along the way.

Change continues at a rapid pace and whether incremental or wholesale change occurs, we will all face it in some form in the coming year.

An outcome of proper strategic planning is that you and your business develop a robustness such that, when things get tough when pursuing a goal, you are able to push through and move forward.

Instead of giving up you get energised.

And although it is a stretch, the goal(s) motivate.

So set your targets so you know where you are going and include some stretch targets, the benefits to you and your business will be exponential.