Can you believe we are nearly at the end of another year? For some, 2015 was a tough year and it’s a good time to take a step back and look at what’s working in the business and what needs working on. One thing we all understand is, if you keep doing things the same way, at best you’ll get the same results. This time of year can be pressurised and frantic but if you want to take your business to the next level you need to make some time to do a review.
Below are our top tips for a prosperous New Year:
1. Plot and Plan
To prosper you need to have a plan that includes reading future trends in the market. You can then formulate strategies to minimise the bumps in the road and capitalise on emerging opportunities. Unfortunately most business owners fail to plan, sometimes because they don’t know where to start. We recommend you think about where the business is NOW, where you want the business to be in the FUTURE, and develop an action plan to identify the steps of how you’re going to get there.
2. Know Your Numbers
Knowledge is power and while a lot of entrepreneurs prefer the product development aspect of the business, you can’t afford to ignore the numbers. In business, without a financial road map or budget, all roads lead to nowhere. A budget lets you forecast your future position and you can measure and monitor actual performance against your projections. It keeps things ‘real’ and makes you accountable. It forces you to think about your business, your financial assumptions and then gives you a reality check when you compare actual figures against your expectations. If you need a copy of our free cash flow budget template, contact us today.
Here are some key financial questions that you need to know the answers to:
3. Is Your Business Structure Relevant?
If you haven’t reviewed your business structure for a few years, it could be time. Circumstances change and key events like marriage or a major asset acquisition can mean your old structure is redundant. Structures that worked years ago may no longer be relevant and changes to tax laws, your asset position and personal circumstances can trigger a review.
If you need help putting your plan together for 2016, please contact us today.
Click HERE to download the full edition of The Business Accelerator Magazine for December 2015.