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How to execute an annual plan for your business in 2023

Jan 26, 2023

Nothing suggests a lack of momentum like a business without a plan—it’s the classic F. Scott Fitzgerald metaphor about never going anywhere without a map. Your business and the people within will thrive with a clear (annual and beyond) business plan to chart where they are, where they need to go and what resources will take them there. Without one, you can feel like you’re taking random shots in the dark, waiting and hoping for success.

With an annual business plan, however, you have the space to understand your team’s strengths and weaknesses while mapping out achievable goals that can lead to lasting success.

Try to remember—It’s perfectly understandable to pivot throughout the year. This plan is a guideline for success you set for yourself; understanding the instability of the current market and state of the world, you may have to make changes to your plan along the way. Make room for change! You may have opportunities this year you haven’t even dreamed of yet.

Without further ado, here is your crash course on annual business plans—what they are, how to get started and how to follow up. Let’s get started!

What is an annual business plan?

An annual business plan is an invaluable tool for people looking to develop a strategic roadmap for growth. And as it’s the beginning of a new year, let’s do our best to stay organized! Especially given the unpredictable market, this can guide you to staying grounded in the chaos. A well-laid plan can provide critical insights into where you should allocate resources, how best to achieve desired goals and objectives and how to stay ahead of the competition. The U.S. Small Business Administration (SBA) suggests that having a business plan increases a business’s chances of success by 16%!


Key identifiers of an annual business plan

  • The goals and objectives section provides a roadmap to achieving your unique desired outcomes in the short and long term.
  • The marketing plan section outlines how you will communicate with target audiences, build your brand, and attract new customers.
  • Financial projections provide insight into expected income, expenses, and costs associated with operations.
  • Operational directives detail processes that need to be established or improved to run daily tasks more efficiently.
  • Sales targets outline expected sales projections for specific periods and can help guide decisions moving forward.

Lastly, research and data analysis provide critical insights into customer demographics, market trends, consumer behavior, and competitor strategies for the upcoming year.


How an annual business plan can transform your year

Our team has seen firsthand how these plans can help organizations find their way to unimaginable heights. With precision and a pinch of cleverness, your well-laid plan can open doors to new opportunities, foster sustainable progress and provide a roadmap for consistent performance. Without one, we’re like ships without sails drifting aimlessly in the dark. Need more convincing? We got you!


  • Your team can use objectives and strategies established in your plan as guiding points for progress toward your desired results.
  • Clearly defined goals provide a roadmap for consistent performance over both short-term and long-term periods.
  • When you think ahead to the future, you have time to research and refocus on your clients. Focusing on your customer’s needs and wants builds trust and loyalty that will attract and retain more customers.
  • Increased efficiency in operations streamlines processes for improved resource allocation and cost savings.
  • Projections of expected income, expenses, and profits enable businesses to budget more accurately for future planning needs.
  • Finally, streamlined processes for collaboration between team members create a high level of communication that helps your team meet organizational goals in a timely manner. 

Research shows that having an annual business plan is key for businesses to drive growth, as it allows for better organization of resources and maximizes positive outcomes. Regular check-ins with team members along the way help maintain focus on long-term goals which is essential for success when growing a business—but more on this later. According to Techopedia, an effective strategy requires continuous monitoring and adaptation, which is enabled by your annual business plan laying out measurable objectives with realistic timelines from the beginning of the year.


Crafting & maintaining an annual business plan


1. Research

  • Determine your business’s current state and goals. Analyze past performance/data and customer feedback to get a good understanding of the current state of your business and identify areas where improvement is needed.
  • Analyze industry trends, customer preferences, and competition. Monitor key trends in the industry, customer behavior, and competitor activity to stay ahead of the curve.
  • Utilize reputable resources and data. Utilize reliable sources such as market research reports, industry best practices guides, or governmental initiatives to inform decision-making processes further.


2. Formulate goals

  • Set SMART goals—make sure goals are Specific, Measurable, Achievable, Relevant and Time-bound in order to maximize their effectiveness.
  • Identify what constitutes success—establish specific criteria for assessing progress towards each goal so that it’s easier to measure success.
  • Focus on incremental progress—aim for steady improvement rather than large-scale changes that may be unrealistic within the allocated timeframe or budget.
  • Monitor performance regularly—consistent tracking of performance will help ensure that objectives are met and goals remain relevant over time.


3. Identify strategies

  • Gather customer insights—analyze customer feedback, preferences, and behavior to understand their needs better and identify areas of improvement.
  • Tailor products/services offerings based on customer demand or industry trends to attract and retain customers.
  • Rethink business operations—evaluate internal processes and examine opportunities to streamline operations and maximize efficiency.
  • Research potential partnerships—explore strategic partnerships with other organizations that can bring added value to your business model.


4. Create action steps

  • Break down strategies into tasks—analyze each strategy and identify the individual actions that need to be taken, who is responsible for them and when they should be completed.
  • Prioritize tasks—evaluate the importance and urgency of tasks to ensure that resources are allocated appropriately in order to reach optimal outcomes.
  • Determine resources needed—assess the skills, tools and budget required for the successful completion of each task before beginning work on it.
  • Due dates—add due dates to all tasks in your project management software.


5. Track progress

  • Define KPIs—set clear goals and metrics that align with each objective to measure performance and define success.
  • Collect relevant data—gather associated data points pertinent to the KPIs such as customer interactions, website visits, etc.
  • Monitor progress—evaluate results on a regular basis (weekly or monthly) to determine whether objectives are being met and make necessary adjustments if needed.
  • Analyze KPIs—review the results of KPIs and use them as a tool to inform future decision-making processes.

Want help creating a business plan that will excite and motivate your team? Our company and department business plan templates can help you get there.


Staying on top of progress


We can’t stress the importance of staying informed about progress enough and following up with your teammates on a consistent basis. A weekly meeting agenda enables business leaders to evaluate their short-term and long-term goals, allowing them to stay agile when market trends shift or new customer needs arise. Without a plan in place, businesses can quickly become stagnant and powerless amidst shifting currents. Taking the time to track progress regularly and create an effective meeting agenda will help ensure success and propel your team toward reaching your goals.

A regular, consistent Weekly Meeting can be a powerful tool because it makes a place for teams to stay aligned on objectives and ensure progress is being made. We understand the value of having pre-built sections within the meeting such as checking in, analyzing Metrics, solving Issues, updating your team and reviewing To-dos. This allows your team to jump in each week and focus on what matters most—meeting your unique goals. 🔥 Establishing clear plans of action and designing a concise agenda will bring structure and success and make reaching your goals feel like a breeze.

The customizable Bloom meeting agenda

We’re here to support your team and streamline your internal communication, one meeting at a time.

  • Custom agenda sections
      • Have any G-Suite Docs or spreadsheets you want to discuss during your meeting? Add an external page to your agenda and keep everything in one place.
  • Check-in
      • The Check-in gives your team space to break the ice, build trust among team members and set the meeting off to a great start.
  • Metrics
      • Our Metrics feature shows your team’s KPIs categorized in green or red, making data interpretable, accessible and easy to analyze.
  • Goal review
      • The Goal feature simplifies project management, allowing you to keep track of your team’s goals, set milestones and check them off as you go.
  • Headlines
      • Easily create Headlines to share important news (both good and bad) with the click of a button.
  • To-Do list
      • Create a checklist of To-dos, assign them to team members and set deadlines to keep your team on track and accountable.
  • Issues
      • Make solving Issues a breeze with an agenda list that allows you to share information across meetings, take notes and resolve Issues on the spot.
  • Wrap-up
    • End each meeting by assigning it a rating, recapping To-dos and cascading information for increased transparency and accountability.

In conclusion, having an annual business plan is like having a personal GPS for your business. It can direct you to your destination and keep you on track all year long. An effective plan should include key identifiers, such as goals and objectives, milestones to be achieved and staffing decisions that need to be made. By crafting and maintaining a comprehensive annual business plan, you can lay the groundwork to transform this new year into one of success.

5 tips to get the most out of your annual planning meeting


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