Get your Business Ready For 2018
With goal and cashflow planning ...
POSTED BY JONATHAN VOWLES ON 12/12/2017 @ 8:00AM
Nearly everyone in business has a goal, a point that they want to reach, but too often that goal is a bit vague. For example, a lot of the business owners I speak to haven't formalised their goals and they don't have a plan for how they are going to achieve them ...
So what can you do to make sure you are properly prepared and raring to go?
copyright: manopphimsit / 123rf stock photo
Firstly, have a goal that is written down. The process of setting it down in black and white and saying why you want it is important. Of course, you need to be more than just a simple statement.
"Saying 'my goal is to reach £1m in sales' is simply not enough!"
You then have to say why you want to reach this and what this will mean to you ... and then work out the steps that you are going to take to get there.
Equally, if your sales are going to be a £1m business:
what will your costs be?
what building will you be in?
how many workers will you need?
how many customers do you need?
what marketing is going to get them to your door?
If you haven't already got a proper set of business goals, then take some time this holiday season to sit down and decide what things you need to do. Every plan has some common elements.
"You need to have a goal, a point to aim for. You need to allow for and be aware of, your cashflow!"
There are lots of tools, tips and strategies available to you, but let's go old-school and just take a pad and a pen. Start with the simple stuff; how much do you want to earn in 2018? What does that mean in terms of business sales? How many customers, on average, will that be? What marketing will you do? How many staff will you have and will they be directly employed or subcontractors?
If you are already in business then also take the time to look back. What marketing did you do this year and how did it work? What can you or should you change for next year? How prepared is your business for 2018, what things do you want to tweak and improve?
Then you can prepare a plan, a list of activities to do or projects to implement that have a purpose. That are going to move you in the right direction so that you do achieve your plan.
"Sounds easy doesn't it? A bit of time with a pad and a pen and you are sorted!"
However, you might find you get bogged down or find it hard to start or move forward. Which is where JVCA can help. We have lots of experience in helping our clients plan for businesses. In setting goals and in breaking them down into plans.
Want our help with planning for 2018? Then just get in touch on 01234 752 566 or click here to ping over an email and let's see how we can help you.
Until next time ...
More about Jonathan Vowles ...
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas, which can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.
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