Overview
Explore how to use current economic challenges as an opportunity for proactive business planning and growth
Some experts say that economic downturns can present the best opportunities for growing a business (source: Forbes). In fact, many of the world’s greatest companies were built during recessionary times.
Being proactive and planning for the future of your business can help shift you into an increasingly positive state of mind. And this can help boost your decision-making processes and motivate those around you.
At Hamilton Fraser, we carry out an annual survey to keep up to date about the business practices, thoughts, challenges and fears of our customers and the wider industry.
Despite the current economic climate, many of the survey respondents said they had plans to expand their businesses, and the majority said they felt “fairly optimistic” (51.6%) or “optimistic” (36.3%) about their business prospects in 2024, with 80.1% saying they were on track to meet their objectives.
Of the 52% of people who had a business plan, 70.4% said it had changed from the previous year due to business growth, expansion, moving premises and increased economic benefits. Interestingly, others said they had changed their business plans due to moving direction, with a move towards wellness being cited as one new avenue for business.
In this guide, we take an in-depth look at how to create an aesthetic business plan. We’ll explore some of the key considerations you need to be aware of when thinking about your business planning.
In the video below, Eddie Hooker, Founder and CEO of Hamilton Fraser and Owen Woods, Head of Marketing at Hamilton Fraser, offer their tips and advice, ranging from where to start with your business planning to why you might need it for funding and what to do if your goals change.
