Several years ago, a Harvard Business Review study found that having a business plan makes you more likely to succeed. “Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs.” With the year drawing to a close, it’s a great time to revise an existing business plan or write one if you don’t already have one.
Important questions to address for the coming year:
What are your plans for staffing?
Your employees are the core of your business; they make things happen.
- Are you planning on hiring additional employees?
- Will you revise your menu of employee benefits?
- Have you considered any legal ramifications of expanding your staff (e.g., becoming subject to COBRA if you have 20 or more employees or the Family and Medical Leave Act if you have 50 or more employees)?
- Have you budgeted for expansion?
- Where do you stand on DEI in your workplace?
- Is it time to outsource payroll and HR to a third-party payroll company or Professional Employer Organization (PEO).
What are your plans for AI and other technology?
Small businesses are diving into AI, the metaverse, and other technology in the business way. If you don’t, you may be missing on important ways to grow your business.
- Have you thought about ways in which to use AI and/or other technology?
- Have you budgeted for AI adoption?
- Will tax rules affect your decision-making?
What might change taxwise?
A new Administration and a new Congress are promising tax changes. Will they be favorable or unfavorable to you? It’s too early to tell. What we do know is that your business will be impacted.
- How will tax rules impact your business purchases or leasing of equipment and machinery?
- What’s happening on your state level to impact your business?
- Are coming tax rules making you think about your choice of entity (e.g., becoming a C corporation)?
How will you respond if tariffs are imposed?
If tariffs are placed on goods you normally sell, what will you do?
- Do you need to find new vendors?
- Are you anticipating the need to adjust your pricing?
What resources will you use to write/revise your plan?
There are a number of resources you can use. Some are free (these are templates where you fill in the blanks); some are not.
- Bplans: free access to a sample business plan gallery of over 550 free business plan examples
- FormsLaw: free
- QuickBooks: free
- SBA: free
Final thought
December is designated as National Write a Business Plan Month. Use this reminder to create or revise a business plan so you can grow your business in 2025.
For more information on growing your business, see this list of blogs.
