Resolutions for a prosperous 2017

19/12/2016

With the busy holiday season in full swing and 2017 in sight, thoughts of New Year resolutions and the promise of change for the better will soon come to mind.

As your clients or customers head off for the Christmas break, now is the time to start thinking about what you want to achieve for your business in 2017, and how you are going to reach your goals.

Here is some food for thought to help you set resolutions for a prosperous 2017.

Take stock

How has 2016 gone? Where is your business financially? Have you met this year’s goals? Does anything you’ve been working to improve need to be carried into the new year? What strengths and successes can you build on?

Identifying where you are right now is the best place to start when putting realistic and achievable plans in place for the future.

Dust off your business plan and forecast

A business plan that outlines goals and strategy is one of the most valuable tools any business owner can have. It puts focus on the key activities that need to be undertaken and provides a benchmark for success so it is clear when it has been achieved.

Financial forecasting lets you test your business plan on paper before making any costly changes or investments. It also provides a way to monitor progress and measure results throughout the year as well as a means to support decision making and to help control risk.

Review the numbers

Crunching the numbers is not everyone’s strong suit. In smaller businesses, without dedicated in-house accounts support, the key figures can be overlooked in the day-to-day running of the business. The old saying of ‘what gets measured gets managed’ rings true in business and failing to keep a close eye on the numbers can lead to serious cash flow problems.

If numbers aren’t your strong suit, consider enlisting the help of an accountant or accounting software. Software such as Xero, Sage 1 and Quickbooks are designed to be a user friendly way of recording, tracking and reporting on your figures to ensure you are heading in the right direction.

Take a look outside

After you’ve looked at your own business in more detail, take a look around. What are your competitors up to? What is happening in the economy that could affect your business plans for the upcoming year?

Brexit has been a hot topic for business owners in 2016, and is likely to be even more so in 2017. For some businesses this will have little impact, but for others it could mean the need for significant changes to their business plan and operations.

Broaden your knowledge

No matter how well you think you know your business there are always others that you can learn from. Taking time to step away from your business and look at it through the eyes of others can be a valuable way to learn. Talking to like-minded business owners who have dealt with similar hurdles gives you a chance to take a fresh look at the way you approach and overcome your challenges.

Training, networking, and business events are a great place to meet other entrepreneurs and help broaden your thinking on how to improve your business.

The New Year offers a perfect opportunity to reflect and make positive change. It is essential to put plans in place to ensure that the day-to-day management of your business does not distract you from achieving your wider business goals. What will be your business resolutions for 2017?

For advice on planning for the future, forecasting and financial modelling contact Adrian Le Roux