Time to prepare your business plan for next fiscal

Time to prepare your business plan for next fiscal

With just a couple of weeks left for the beginning of a new fiscal, this is perhaps the best time to prepare a business plan. With demand in the markets likely to remain low - at least for a couple of months - the much-needed adjustments in one´s business plan has become imminent.

Perhaps, I think, at this juncture we need to ask a few questions before we jump to any conclusions as to how we are going to run our businesses next fiscal.

First and foremost one needs to take a good look at the product-line. Are these products really in demand or do they need certain modifications? The product-line must be in accordance with the demand in the market - there is no doubt about that.

Secondly, several nations with whom one had done business in the last calender year are now in recession. So one must ask oneself: What will be my target markets this year? Who are my would-be customers? Once these questions are answered, it will not be very difficult to find new customers. Having said that one should not forget the old customers. This is also the best time to stick to old customers. Try to give your old customers some extra incentives to keep them interested.

Thirdly, keep you business plans realistic, flexible and dynamic so that it gives ample time to cope with unexpected changes in the markets. Rigid and complex plans are not going to see the light of the day this fiscal.

This is also the time when both PSU and private banks will be reluctant to give credit. So if you are looking for credit go with a feasible project which a bank can´t deny. Simply blaming banks will not help when you are at fault for not having a proper business plan.

Unarguably, this fiscal´s business plans have to be specific, attainable, realistic and time-bound. We have three weeks before us to plan and face the next fiscal with exuberance and confidence or we just carry on with the same plan and wait for things to brighten up. The smartest businessmen are the ones who make the changes rather than wait for things to change. So, are you one of them?

 
Bikky Khosla
CEO
Tradeindia.com