Small business owners face a lot of challenges, especially when they are just getting started. But what challenges are particularly prevalent in 2018, and how can your business plan help you to overcome them?
Planning For New GDPR Legislation
Coming into force in May 2018, GDPR (General Data Protection Regulation) is changing the ways businesses can communicate with customers. If you’re yet to start your business you are at something of an advantage because you can plan to be compliant right from the start, whereas existing businesses are scrambling to become compliant in time. Businesses must store data securely, notify customers of data breaches, delete any data they have on a person at their request, and keep a robust paper trail to ensure they are compliant. It is worth reading up on the subject and thinking about how these changes will affect your operations – and adding anything relevant into your business plan.
Choosing the Right Marketing Opportunities
The arrival of GDPR means that businesses will have to tread more carefully when it comes to outbound marketing such as email and direct marketing. Instead, they may be well-served to turn their attention to inbound marketing such as social media and online advertising. Online marketing changes constantly, so it’s a good idea to keep up with the latest social media networks and marketing channels and the ways these are changing, so that you can use them to your advantage. The marketing section of your business plan is a good place to think about which marketing channels are best for your business.
Planning For Brexit
Regardless of your opinion on Brexit, if you’re starting a new business it’s time to think about how leaving the EU is going to affect you. Where will you be selling your products or services – will you be dealing with overseas customers, and which markets would be best for you, considering the circumstances? What are the financial implications of this? It isn’t too early to start thinking about these things and planning how you might mitigate any negative impact.
cbm can help you to write a business plan that addresses the challenges unique to your business and industry, so that you can tackle problems head-on and in good time, while keeping on track towards achieving your goals. To find out more, contact us online using the form on the right or call 01604 420 420.