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Have you taken time out to review your business?

As 2020 draws to a close (good riddance, many people would say!), now is the perfect time to take a step back and review how things have gone. At Jupp Castle, this is something we like to do at least once a year because it helps us build a better business. If you want to do the same, here are some good questions to ask yourself.

How is the business living up to your expectations as a business owner?
Cast your mind back to when you first started your business. What made you want to branch out on your own? Is the reality living up to your vision (not just in terms of financial goals, but also how you spend your time, work–life balance, etc.)? If it’s not, what practical steps can you take to improve things?

What went well this year?
We know 2020 hasn’t been a typical year for most companies, but there’s still value in reflecting on what went well. For example, maybe you found a new way to interact with customers, or maybe you’re proud of how your team has transitioned to working from home. Consider how you can build on these strengths and do more of what works in future.

What didn’t go so well?
Business disruption has a habit of laying bare a company’s weaknesses, so be honest about what didn’t go so well this year. Make a list. Then, for each item on the list, add an action point on how you might turn that weakness into a strength next year. For example, if your income level has dropped, you could strengthen the business by diversifying your income stream in 2021.

What has been your business’s biggest threat(s) this year?
We find it helps to flip threats on their head and try to see them as opportunities. For example, if you’re concerned about customers tightening their belts and spending less, perhaps there’s an opportunity to emphasise the value your product/service offers and how it can solve customers’ problems. As the saying goes, necessity is the mother of invention, so try to view threats as an opportunity to get creative.

Here at Jupp Castle, we understand what it’s like to run a small business because we’re a small business too. Let us help you reflect on 2020 and plan for a better business in 2021.

At Jupp Castle, we offer accountancy, taxation and financial advisory services to a wide range of businesses and individuals. Our services cover everything from payroll to pension investments, personal tax returns to Charity Commission filing.

We pride ourselves in offering a personalised, friendly service that takes the jargon out of accountancy.
Whatever financial or accountancy service you are looking for, Jupp Castle has the right expertise for you.

All our accountants are professionally accredited with many years experience across a wide range of businesses and individuals.If you’d like to discuss any of your accountancy or financial needs, please give us a call on 01252 84868 or contact us through the online form.

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