The end of a calendar year marks the beginning of another. It signals the time to take stock of what has taken place in the preceding year and make plans for the upcoming year. Making an assessment of marketing, sales and operational performance will support development of strategies that will support success in the new year. Following are seven steps to developing an effective annual business plan:
- Evaluate Marketing Campaign Results – At the start of a new year it’s important to review the results of marketing campaigns and determine how well they’re working. Marketing campaigns are generally directed at either customer retention or customer acquisition… Read More >>
- Assess the Sales and Delivery Processes – Measuring sales performance is an important part of annual planning. Evaluating performance and trends in sales areas can ensure that improvement and profit growth continue… Read More >>
- Evaluate Operational Performance Trends – Operational performance can significantly impact sales and profits. Effective use of labor hours can result in greater capacity, increased sales and better profit margins… Read More >>
- Estimate Future Overhead – Overhead costs are expenses that are not directly attributable to the automotive repair process or the cost of tracking them directly is not practical. They are a part of the cost of doing business and must be considered when developing future business plans… Read More >>
- Formulate Strategies for the Upcoming Year – After measuring key performance indicators and identifying trends in business results – strategies should be developed to address the most important areas. Enacting any plan of action involves strategy and tactics… Read More >>
- Develop Tactical Plans and Set Goals for the Upcoming Year – Tactical planning is the bridge between strategic ideas and reality. Only stating what will be done without a detailed definition of how it will be accomplished will very rarely result in success. Laying out plans for the achievement of strategic objectives provides a clear picture of requirements… Read More >>
- Create an Annual Marketing Plan and Budget – Developing strategies and tactical plans to address specific areas of business should be compiled into an all-inclusive annual plan. This will provide a picture of the overall impact of the annual plan and allow adjustments to be made if necessary… Read More >>
