In order for a business to remain successful, it needs a five-year plan in place. This doesn’t just apply to your first five years of trading, as you should always have an idea of where you want your business to be in the future and clear actions that will help you to get there. 

Creating a five-year plan comes with multiple benefits, such as: 

• You know what your top priorities are and how to integrate them into daily operations 
• Key business decisions can be made more effectively 
• Every department, from marketing to customer service, will benefit from knowing the company’s five-year goals 
• If you ever feel yourself losing energy and focus, a five-year plan is an excellent motivator 
• Staying on track of your income and expenditure becomes easier, as you can measure them against your targets 
• Budgeting and forecasting will also prove to be a smoother process 
• When you plan ahead, it becomes far more likely that you will actually achieve your goals