It’s a new year and a fresh new ledger. The fourth quarter came and went with each transaction du jour. How easy was it to defer 2017 planning? Now the joy of starting the process all over again! Such is the reality of many of running a VAR or channel partner business. Sins such as this are easy to mask over in good times and detrimental in periods of disruption. Having worked with countless channel partner business owners, I have observed that business planning presents a unique set of challenges. Often a business plan is formatted to appease others rather than for the health and welling being of the company and its owners. Comprehensive plans don’t happen overnight nor are they created in a vacuum. There is a learning curve to the process and discipline.
Whether your 2017 goals are to:
- Return to profitability
- Maximize your returns
- Improve gross margins
- Grow sales
- Build a monthly recurring revenue stream
- Develop profitable services lines of business
Consider evaluating your business as an outside investor. Is this a business worthy of my investment? If so what’s their plan? As a prudent investor, you appreciate the adage “the devil is in the details.”
If you’re new to the business planning process, frustrated by past results, or simply want to try something different. Below are a few suggestions:
- Build a board of advisors
- Join or create a trusted peer group
- Lean on your professional advisors (Legal, Tax, Bank,)
- Attend a training course
- Hire a coach or specialty advisor
As you look to build your plan, there are certain things you will want to avoid. Consider downloading Cardinal Point’s 10 Mistakes Value Added Resellers Make in Business Planning. This document has been created to provide some food for thought when approaching your planning process.
Cardinal Points is currently offering 1 hour of free consulting to interested firms. If you are interested in some guidance in your 2017 planning process or in having your plan vetted by one of our experienced channel consultants; please contact us to schedule a phone consultation.