Business planning for consultants: 7 steps to kickstart your year
Starting the year with a clear business plan can help set the foundation for growth and resilience – especially for micro consultancies where resources are often stretched.
A solid business plan can help clarify your direction, prepare you for challenges, and make the most of every opportunity.
Why do I need a business plan?
A business plan acts as your roadmap for the year ahead. It guides decision making and helps you stay accountable. It can also help:
- Define your business goals and objectives
- Map out how you’ll achieve your goals
- Identify and manage potential risks and challenges
- Work out demand for your products or services
- Secure loans or investments for your business
- Analyse what’s working and what’s not
- Keep your business on track.
Here are seven tips to get started.
Step 1. Review and reflect
Start by analysing last year’s performance. Look at your revenue, client growth, and completed projects. What were your biggest wins? Where did you face challenges? Identifying what worked – and what didn’t – can help inform the future.
Consider getting feedback from your clients on what they valued and where things could improve. Then you can use those insights to refine your services.
Step 2. Set clear goals
Goal setting is at the heart of effective planning. SMART goals are widely used to set and measure goals and performance. They can be easily applied to any small business with its simple structure.
- S – Specific: Define exactly what you want to achieve (e.g. Gain two new clients in the healthcare sector)
- M – Measurable: (e.g. Increase quarterly revenue by 10%)
- A – Achievable: Make sure your goals are realistic for your business
- R – Relevant: Align goals with your consultancy’s strengths
- T – Time bound: Set deadlines to stay on track.
Try listing goals of what you’ll achieve in Q1, Q2, Q3 and Q4, and update during the year if necessary.
Step 3. Plan your budget
Financial clarity is crucial. Start with a simple cashflow forecast to avoid liquidity issues. And allocate your budget across marketing, technology upgrades, and training if required.
Getting a clear snapshot of your finances can be as easy as listing the basics, then fleshing out your budget from there:
- Operating costs (e.g. rent, equipment, insurance, wages)
- Expected monthly expenses
- Expected monthly revenue
- Targeted monthly profit.
Don’t forget risk management – ensure you have business insurance tailored to your needs. QBE Small Business Insurance is available for professional services businesses, so that’s a good place to start.
Related article: Small business insurance for professional services
Step 4. Refresh your marketing
No matter what business you’re in, a strong digital presence is vital. Keep your website and LinkedIn profile updated, and invest in your search strategy to help clients find you.
Consider developing a content strategy across thought leadership blogs and case studies to demonstrate your expertise. Regular LinkedIn posts are also a great way to network and attract clients.
Understanding your target audience can help you market to them effectively. It’s worth thinking about:
- Who your main clients are
- What problem you solve for them
- Why they should choose you.
Creating a simple sales and marketing plan can let people know about your services and keep customers coming back. This could include social media, referrals, and promotional offers.
Related article: How to use social media for business
Step 5. Streamline your operations
Streamlining your operations could save you time and money.
A good starting point is to map out your daily processes on a whiteboard. Then you can easily identify areas for improvement. Are there any manual tasks that could be automated (Hello AI)? Could any processes be removed or improved?
Step 6. Build talent and skills
If you have a team, consider investing in capability building. Upskilling in things like AI or digital marketing could give your consultancy an edge.
List who does what and outline plans for hiring throughout the year. Retention strategies such as flexible working could also help you keep great people.
Step 7. Future-proof your business
It pays to stay ahead of competitors by watching business trends. Things like AI, social governance, and regulatory changes could impact your business. Prepare for economic shifts, and foster an innovation mindset by thinking about new services.
Once you have a business plan together, monitor and update it as your business grows. The more focused your plan, the easier it will be to implement.
Before you start planning, here are some top tips from Business Queensland’s mentors:1
- Keep it simple to start
- Have realistic ambitions
- Keep cash-flow front of mind
- Learn about your target market
- Engage staff in the planning process
- Work out your marketing strategy
- Set realistic financial goals
- Grow your plan as the business grows
- Review your plan regularly and update where necessary.
To get started, you can access this handy business plan template, along with some useful business resources.
At the heart of every successful business is an aligned insurance policy. QBE has been insuring Australian businesses for 140 years, and can provide protection for the business you’ve worked so hard to build.