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Welcome back to a brand new year. Hopefully you’re rested and excited about the New Year.
The New Year is a great time to take stock and plan your year ahead. We all know the adage, ‘fail to plan = plan to fail’. Read on for our tips to a successful year.
1. Revise your business plan This is an excellent time to sit back and look at the big picture. Reassess existing goals – are they still current? Set new measurable and attainable goals for the year. Really put some thought into where you want to go this year. A good structured plan can make all the different to the growth of your business. It will ensure you focus on the important aspects such as resourcing, improving your profits, maximising efficiencies and reducing costs. Ensuring you get an increase on your return on investment.
If you don’t have a formal business plan, chances are you have probably gone through the most of the above in your mind and you still carry out those business activities associated with business planning, such as consideration of growth, competitors, profit and cashflow etc..
Putting your thoughts on paper/whiteboard and going through a formal process doesn’t have to be too time consuming or difficult. The main thing is that you make plans and they are dynamic and everyone understands them. Going through a formal process ensures that nothing is missed and gives you something to compare with as your business grows.
2. Revise your budgets. Budgeting is the most effective way to control your cashflow, allowing you to invest in new opportunities at the appropriate time. There are a number of benefits of drawing up a business budget, including being better able to:
· allocate appropriate resources to projects
· monitor performance
· meet your objectives
· improve decision-making
· identify problems before they occur - such as the need to raise finance or cash flow difficulties
· increase staff motivation
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