• About
    • About Accru
    • The Accru Advantage
    • Testimonials
    • Our People
    • Our Services
    • International Affiliations
    • Corporate Social Responsibility
    • Join the Accru Network
    • Careers
  • Locations
    • Accru Felsers Sydney
    • Accru Melbourne
    • Accru Rawsons Brisbane
    • Accru Perth
    • Accru Harris Orchard Adelaide
    • Accru Hobart
  • News & Tools
    • News
    • Publications
    • Accru Tax Guide 2017/18 App
    • Fact Sheets
    • Online Portfolio Links
    • Useful Business Websites
  • Careers
    • Working with Accru
    • Culture & Values
    • Accru in the Community
    • Current Vacancies
  • Contact Us
Client Login
Accru Logo Skip to content
  • COVID-19
  • Accounting
    • Cloud Accounting
    • Outsourced Accounting
    • CFO Services
    • Corporate Compliance
    • Find an Expert
    • Testimonials
  • Audit
    • External Audit
    • Internal Audits
    • SMSF Audits
    • Due Diligence
    • Data Analytics
    • Payroll Data Analytics
    • Find an Expert
    • Testimonials
  • Business Advisory
    • Business Management
    • M&A and Business Sales
    • Valuations
    • Restructures
    • Succession Planning
    • Business Turnaround
    • Management Consulting
    • Find an Expert
    • Testimonials
  • Taxation
    • Tax Compliance
    • Tax Advisory
    • FBT & Salary Packaging
    • GST & Indirect Tax
    • International Tax
    • Find an Expert
    • Testimonials
  • Wealth Management
    • Wealth Creation
    • Superannuation & Retirement Planning
    • Self Managed Super Funds
    • Estate Planning
    • Find an Expert
    • Testimonials
  • Finance & Insurance
    • Mortgage Broking
    • Commercial Finance
    • Risk Insurance
    • Find an Expert
    • Testimonials
  • International Business
    • Services for German-speaking companies
    • Services for Chinese-speaking companies
    • Starting a business in Australia
    • Expanding overseas
    • Transfer Pricing Australia
    • International Tax
    • Find an Expert
  • Industries
    • Pharmacies
    • Medical Practitioners
    • Not-for-Profit
    • Education
    • Property & Construction
    • Professional Services
    • Manufacturing & Distribution
    • Finance & Investment
    • Retail
    • Digital, Media, Emerging Technologies
Client Login
  • Accru Acccountants | Audit | Tax | Business Advisory
  • Services
  • About
    • About Accru
    • The Accru advantage: quality, innovation and value
    • Testimonials
    • Our People
    • International Affiliations
    • Corporate Social Responsibility
    • Join the Accru Network
    • Careers
  • Locations
    • All Locations
    • Accru Felsers Sydney
    • Accru Melbourne
    • Accru Rawsons Brisbane
    • Accru Perth
    • Accru Harris Orchard Adelaide
    • Accru Hobart
  • News & Tools
    • News
    • Publications
    • Accru Tax Guide 2017/18 App
    • Fact Sheets
    • Online Portfolio Links
    • Useful Business Websites
  • Careers
    • Careers
    • Working with Accru
    • Culture & Values
    • Accru in the Community
    • Current Vacancies
  • Contact Us
Facebook LinkedIn Twitter Youtube
Accru logo

Where’s my crystal ball?

By Jessica Fazackerley / August 5, 2015

Why do businesses bother planning in such uncertain times? Jessica Fazackerley from Accru’s Adelaide Office considers how strategy and planning have changed to suit modern business challenges.

Crystal ball sunset 100kb

Crystal balls finally seemed surplus to requirements sometime around 2005. There was a long-term and predictable upward trend in most business indicators. You could project a business strategy and budget for up to five years and things would usually work out fine.

Then the global financial crisis arrived. Not only did it hit finances, but it dented confidence too. Since then, an emerging digital economy is also changing the way many of us do business. In fact, ‘emerging’ doesn’t really describe it. Digital technology has forced its way into lives and businesses and it is called ‘disruptive’ for a good reason.

In some businesses, leaders now question the point of planning because any plans they make will be out of date before the ink is dry on the page – and they are right up to a point. Things will change, and change quickly. However, strategic plans, business plans and budgets are in some ways more important now than ever. Of course responding to a new age of transformational change means that plans must take on new dimensions to be ‘fit for purpose’.

Successful planning

Firstly, it is important to recognise that the real power of planning lies in the thinking and ideas emerging from the process and not in the document itself. Strategic thinking, budgeting and business planning are all opportunities to contemplate the immediate future – what will we face as a business and how will we continue to be successful? Sharing the planning process with key staff is vital to realise this benefit of planning.

Secondly, a critically new dimension to successful planning involves thinking about and describing your vision or purpose clearer. A vision statement is a couple of sentences that show how things will look 3-5 years into the future if your business is successful. It needs to be more than a couple of key words, but not an essay! A good vision will ask:

  • How will the lives of your customers be different / better because of your service or product?
  • What does your business do particularly well to make the above difference?
  • How will your business look because it is successful?

Note that a vision is not just about your future business – it describes your customers’ futures as well. So, in the case of a dental practice, not “To be the best dentist in the eastern suburbs”, but rather:

“Our patients are proud of their healthy teeth and gums and smile with confidence. They appreciate how we take time to listen, and explain our work to them and they leave our office feeling great. By 2020, we will enjoy serving 750 families”

For this dentist, the sign out the front might show the name of the dentist, phone number and opening hours with a marketing ‘tag’ line underneath: “smile with confidence”.

A solid vision statement can anchor your business direction and inform decisions and choices. For instance, the dentist might rule out increasing profitability by simply scheduling more patients each day as that is inconsistent with the vision. Instead, prices might be increased slightly or the hygienists may be trained so they take the time with patients to share that service commitment. Or, in order to suit the busy families who make up their target clients, the practice might structure two ‘shifts’, one from 7am to 1pm and one from 1pm to 7pm.

In changing times it is important to be agile, adjusting your goals (or even your products or services) to respond to change whilst ensuring a persistent and clear overall direction (or vision). Taking the time to think about and document a vision and share it with your team is still a very worthwhile use of time.

About the Author

Jessica Fazackerley, Accru Harris Orchard Adelaide

With a degree in Maths, Jessica has a real handle on the ‘numbers’, and an ability to think fast and spot any potential business problems a mile away. While working on anything from business processes to culture, or teams to operations, she empowers people so the organisation can take care of itself. Jessica helps to change mindsets, planting the right seeds with effective training and coaching. Read more.

Leave a Reply

Your email address will not be published

Cancel

News & Tools

  • All News
  • All
    • Business Growth
    • Digital Business
    • Financial Management
    • International Business
    • Audit Risk & Assurance
    • Tax Essentials
    • Wealth & Superannuation
    • Accru News
  • Publications
  • Accru Tax Guide 2017/18 App
  • Fact Sheets
  • Online Portfolio Links
  • Useful Business Websites

Subscribe to our Newsletter

Subscribe to the Accru Newsletter Subscribe

Latest News

Australian Reporting Framework Update
Read article

Accru Top
Services
  • Accounting
  • Audit
  • Business Advisory
  • Taxation
  • Wealth Management
  • Finance & Insurance
  • International Business
  • Industry Sectors
About Us
  • About Accru
  • The Accru advantage: quality, innovation and value
    • Starting a Business
    • Expanding a Business
    • Reaping the Rewards
  • Testimonials
  • Our People
  • Our Services
  • International Affiliations
  • Corporate Social Responsibility
  • Join the Accru Network
  • Careers
Locations
  • Sydney
  • Melbourne
  • Brisbane
  • Perth
  • Adelaide
  • Hobart
News & Tools
  • News
    • Business Growth
    • Finance & Insurance
    • International Business
    • Risk & Assurance
    • Tax & Accounting
    • Wealth & Superannuation
    • Publications
  • Accru Tax Guide 2017/18 App
  • Fact Sheets
  • Online Portfolio Links
  • Useful Business Websites

Follow Accru Australia

Facebook LinkedIn Twitter Youtube
Subscribe to Accru's e-news

Accru's e-news updates are designed to keep you up to-to-date on essential business topics.

Subscribe

© 2021 Accru

Terms of Use | Privacy Policy

Site by Click2It

×