Now that year-end is out of the way, what’s next for your business?
It’s the end of another tax year – for many businesses, the most challenging year they’ve ever had. But with spring and a renewed sense of optimism in the air (or is that just barbecue smoke?), most of us are keen to look ahead with more certainty. Which means now is a great time to plan what’s next for your business. And if you did some strategic planning at the start of the year, why not take stock and review how things are going?
In this article, we outline some short-term business planning tips. But do look out for our next article, where we’ll take a longer-term view.
Start by identifying your focus for the rest of 2021
Pick three things that you want to improve or focus on this year. It could be anything, such as increasing revenue or boosting customer engagement or finally introducing that new service you’ve been thinking about for ages. For each area, list the initial, bitesize steps you can take to get started (ideally with deadlines). You might also like to identify three things to do less of this year.
Examine your resources
With your 2021 priorities in mind, take a look at your resources. Will you need additional resources or skills to realise your goals? (This could mean hiring additional team members, investing in training, seeking funding, or potentially even upgrading your equipment.) Also ask yourself whether you could be using your existing resources more effectively – and this includes your time as a business owner.
Drill into your finances
Part of any business planning is identifying what’s working and what’s not. This is especially important for your business finances. A good place to start is pinpointing your most profitable customers or areas of the business (so you can focus more on these), and the least profitable (so you can either phase these out or improve them). You’ll also want to look at your costs – particularly whether you’re paying too much for goods and services. And finally, look at your credit control. Are your clients paying on time or do you need new credit control practices?
An accountant can help you with all these steps and more. Here at Jupp Castle, we’re constantly helping our clients identify cost savings, boost profitability, and find ways to improve their business. Discover more about our award-winning approach.
(Tree photo created by wirestock – www.freepik.com)