How to plan my business year

Planning ahead can help you prepare for important deadlines, anticipate changes and make better use of opportunities throughout the year.

This guide looks at the key things to consider when planning your business year, from tax and financial deadlines to staffing, marketing and other events that could affect your business.

Why is planning important for my small business?

Planning your business year can help you anticipate important events, manage your finances and resources, and prepare for potential risks and opportunities.

Some events and deadlines are predictable. For example, you may need to plan for tax return and payment deadlines, annual accounts, VAT returns, insurance renewals or staff-related responsibilities.

Other events may be specific to your business, such as the end of a major contract, a planned investment, seasonal changes in demand or the launch of a new product or service. Changes to legislation, the economy or your market could also affect your plans.

Looking ahead allows you to identify what could affect your business and decide what action you need to take. It can also help you plan your cash flow, workload and resources, rather than responding to events only when they happen.

Your plans don’t have to be fixed. Review them regularly and update them when your circumstances or priorities change.

What key dates should I include in my business planning?

When planning your business year, think about the dates and events that could affect your sales, costs, cash flow, staffing or workload. These will vary depending on your business and the market in which you operate.

Dates and events to consider include:

Seasonal events – such as Christmas, Easter, Valentine’s Day, Halloween and other occasions that could affect customer demand.
Bank holidays and school holidays – these may affect opening hours, staffing, deliveries and customer demand.
Major sporting, cultural and local events – consider events that could increase or reduce demand for your products or services.
Tax and reporting deadlines – including relevant Self Assessment, VAT, Corporation Tax and Companies House deadlines.
Business-specific dates – such as contract renewals, insurance renewals, rent reviews, licence renewals and equipment servicing.
Marketing and sales activity – plan ahead for promotions, product launches, exhibitions, trade shows and important buying periods.
Staffing dates – including holidays, recruitment, training and periods when you may need additional or fewer staff.
Financial commitments – such as loan repayments, large supplier payments or planned purchases and investment.
Changes affecting your business – allow time to prepare for new legislation, regulatory requirements or other changes that could affect how your business operates.

Not every event will be relevant to your business. Identify those that are likely to have the greatest impact and add them to your business calendar or annual plan, together with any preparation that needs to be completed beforehand.

Review your calendar regularly throughout the year so you can add new events and adjust your plans when circumstances change.

What should my business plan for every year?

Some aspects of running a business are predictable enough to plan for in advance. Building them into your annual plan can help you manage your workload, finances and resources throughout the year.

Tax and reporting deadlines

Identify the tax and reporting requirements that apply to your business and add the relevant deadlines to your calendar. These could include Self Assessment, Corporation Tax, VAT, PAYE and Companies House filings.

The deadlines that apply will depend on your business structure and circumstances, so it is important to check rather than relying on the same dates each year.
Staff holidays and availability

Planning ahead for annual leave can help you maintain adequate staffing levels during busy periods. Keep a record of agreed leave and identify periods when you may need temporary cover or to adjust workloads.

Also consider training, recruitment and any regular periods when particular employees may be unavailable.
Bank holidays and seasonal demand

Bank holidays, school holidays and seasonal changes can affect opening hours, staffing, suppliers and customer demand.

Look at previous years to identify your busiest and quietest periods. You can then plan stock, staffing and marketing activity accordingly and use quieter periods for tasks such as maintenance, training or business development.
Cash flow

Many businesses experience predictable changes in income and expenditure during the year. A cash flow forecast can help you anticipate periods when cash may be tight and plan how you’ll meet upcoming costs.

Include significant recurring payments and renewals, such as insurance, rent, licences, subscriptions and finance repayments, as well as periods when customer receipts may be lower.
Business reviews and objectives

Set aside time during the year to review how your business is performing against its plans and objectives. This could include reviewing sales, costs, cash flow, staffing and marketing performance and deciding whether your plans need to change.

Who should I involve when planning for the year ahead?

You don’t have to plan your business year alone. Speaking to the people who work with, buy from and supply your business can help you identify issues and opportunities you might otherwise overlook.

Which stakeholders you involve will depend on your business, but you may want to consider the following.

Staff

Your employees can provide useful insight into workloads, busy and quiet periods and areas where additional resources or training may be needed.

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Discuss plans for annual leave in good time, particularly where several employees may want time off during the same period. Knowing when people are likely to be unavailable can help you plan workloads and arrange cover where necessary.

Customer and suppliers

Talk to key customers about their likely requirements for the year ahead. This can help you anticipate changes in demand and plan your stock, staffing and resources.

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It’s also worth discussing upcoming plans with important suppliers. For example, planned shutdowns, changes to delivery schedules or other potential disruptions could affect your business. Knowing about these in advance gives you time to make alternative arrangements.

Accountants and other advisers

Your accountant can help you plan for tax and reporting deadlines, forecast cash flow and understand the financial implications of your plans.

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Depending on your business and what you’re planning, you may also benefit from involving other professional advisers, such as your solicitor, financial adviser or insurance broker.

Business partners and investors

If you run the business with others or have external investors, involve them in decisions that could significantly affect the business.

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Agreeing priorities and expectations early can make it easier to turn your plans into action.

How should I review my plan throughout the year?

Creating your plan is only the starting point. Review it regularly throughout the year to check whether you’re completing planned activities, meeting deadlines and making progress towards your goals.

Compare what actually happens with what you expected. For example, review sales, costs and cash flow against your forecasts and consider whether changes in your customers, competitors, staffing or market could affect your priorities.

If circumstances change or you’re not achieving the results you expected, adjust your plan. This might mean changing deadlines, reallocating resources or reconsidering some of your priorities.

Your plan for the year ahead is different from your business plan, which sets out the broader objectives and direction of your business. However, the two should work together, as your annual plan should help turn your longer-term business objectives into practical actions.

If you don’t already have one, find out how to create a business plan.

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How to plan my business year

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Why is planning important for my small business?

What key dates should I include in my business planning?

What should my business plan for every year?

Tax and reporting deadlines

Staff holidays and availability

Bank holidays and seasonal demand

Cash flow

Business reviews and objectives