A quote from WHK Hawke's Bay Chief Executive Rick Cranswick (Lead judge for the 2011 Westpac Hawke's Bay Chamber of Commerce Business Awards) summarises observations on NZ businesses:

'I can't emphasise enough that those businesses who spend the time with a plan seem to be the highest achievers, have the happiest people who show the least signs of stress in this environment, and are most financially successful.'

So what is planning all about? Let's look at the three basic steps:

1. Get very clear on where your business is now (the current situation)

2. Work out where you want the business to get to (the'goals' which should be aligned with your personal vision)

3. Determine how you are going to get there (what needs to be done, by whom, by when and how you will track and manage progress)

If you need inspiration to get motivated, start with some background reading. We recommend Napoleon Hill's 'Think and Grow Rich', originally published in 1937. Or, if you want a more modern edge, the WHK website also has a range of excellent articles to help you.

Secondly, get some training through a seminar - topics such as 'Business Planning' and 'Succession Planning' will teach you the key things you need to know.

Thirdly, talk to your adviser. This can be a surprisingly cost effective way of achieving a significant step forward for your business, mainly because we already know your business.

One of our clients, Cooper Webley, is a good example of the benefits of strategic planning. They knew that they were good at making and designing high quality kitchens and they had the right staff, but they were lacking the direction needed to improve.

Firstly, they took a good honest look at their business, determining what they were doing well and what could be improved. Then they set some clear goals for the business, along with an action plan. Their WHK Principal was actively involved as business mentor and sounding board, throughout the journey.

'WHK not only helped us to be more accountable, but ensured we were staying on track by attending regular monthly meetings. They helped us realise the benefit of pursuing and concentrating our energies on the right opportunities, and thus having a true focus.'   Noel and Sharyn Tait of Cooper Webley, Nelson.

Their outcome has been significant, achieving a major turnaround in the company's return, profitability and overall direction. Noel says 'The true value has been in knowing what to concentrate on, and where not to waste our time and effort. Also, being able to improve how we do things instead of just investing in more marketing campaigns and ignoring what really needed to be done, made a big difference.'

One piece of advice they would like to share with other businesses is 'to focus and do the things you are good at and get the experts to deal with the rest. If you are going to invest in advice make sure you act on it, it is only then that it becomes beneficial.'

Visit www.whk.co.nz/nelson/news to read the full Cooper Webley story.

WHK's Quick Tips for Planning

Tip 1: Take stock of your business by measuring it. Use financial indicators like profit, turnover and salary, plus other key aspects - customers, staff, products and services, buildings and equipment, and intangibles like knowledge and culture.

Tip 2: Ask the hard questions. How are you going? What's working? What's not? Stand apart from your business and look at it critically - use an external party to help achieve this if you can.

Tip 3: The key to achieving your goals is believing that you can, so pick goals that are both motivating and achievable. You do this through both internal and external analysis - such as using a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats).

Tip 4: If you invest in expert advice make sure you act on it, that's when you see results!

Tip 5: Once you've started implementing your plan, develop a KPI report to measure the overall performance of your business such as a 'Balanced Scorecard'. This will help you track your success, and act quickly on the areas that are not going as planned.

There is no time like the present. Grab the opportunity that the New Year brings and get planning!

For more information please contact the WHK team on 0800 494 569