This post is a follow on from the performance review post that helped you to look back over your business year, identify any issues, find areas where you can improve and ensure that you are supporting business growth – with the help of your dedicated staff.
Depending on your industry, there are many options for planning for a brand new year, and ensuring that your business is ready to approach the inevitable financial ups and downs that will need to be dealt with in 2018.
There are a litany of things that you will need to take into account when planning for a new year, many things that you have been too busy to address in 2017, but can use this quieter times (for many businesses) to address and make sure that you have proper plans in place to ensure that you can approach any curve balls that 2018 throws at your business with confidence and that you can ride out any changes to the economy that might occur in 2018.
After your first year of business, you will be aware of when your business will be busy and when it will be less busy – June/July is especially busy for accountants, Spring is busy for nurseries, December is busy for shops and January is busy for cricket!
So, you can start a cash flow plan that will see you weather any short, or even longer, periods of business downturn.
You can review your marketing plan and see how it is helping your business – are you achieving your goals? Are you using the proper marketing channels to engage with your clients and to attract new clients?
You can review your business plan – this is something you should do regularly because, as we are all well aware, the business landscape is constantly changing and you and your business need to have a solid foundation on which to continue to grow, but to also face any downturns that might occur.
You can set goals for the next year – for example, this year your business cleared $70,000, how can you improve on that? Are you, as a business owner achieving work/life balance (I can answer that one as a business owner myself NO!), what can you do to address this?
Are there areas of your business that you have not yet explored? If you are currently offering services such as transport (trucking companies in particular), could you offer different services such as refrigerated transport?
Are your employees complying with all of the regulations that are put in place by your industry and the government to keep them safe, ensure their future and to protect your clients? If not, what can you do to address this?
Are you providing proper training to your employees to ensure that they grow with the business, but also tie into the compliance part of their work – it is your job to ensure that they are protected, safe and doing the right thing by your clients.
All of these reviews will help you to approach 2018 with a very solid base and plan for your business to ensure that your business continues to flourish, your employees are safe and engaged and that your clients are getting the very best service that you can offer.
Business planning is a HUGE part of your business that is often overlooked because you are too busy actually running your business to continue and renew plans.
Take this opportunity to work with Think Accountants to discuss how you can ensure that you cover all your bases and that your company is achieving all of its goals and more.
Use the excellent resources that Think provide to help you to build and grow your business to ensure that it is reaching its full potential.
Jump into planning for 2018 if you haven't already!!