Many of you have made a Personal New Year’s Resolution, but did you make a Business New Year’s Resolution?
As a business owner, making a Business New Year’s Resolution is more important than a Personal Resolution. It is important because there are many factors that rely on Your Business. There are Your Staff, Your Customers, Your Supplier and of course Your Lifestyle. Your business must sustain growth and you need to be the best business leader you can. If you stick with your old methods and not plan for the year ahead then you risk staying competitive in the market. If you are not consistently on the lookout for ways to grow your business, then losing one customer could mean the difference between good Cashflow and hanging on with your teeth.
Here is our 5 step guide to making a Business New Year’s Resolution. Remember it’s never too late to start.
1. Decide on a Resolution
What have you been working towards? Have you set any long term goals? If not, start with setting your long term goals. If you have, what are they and are you on track to achieving your business goals? Your Business New Year’s Resolution needs to be something that is achievable within the year. It also needs to be in line with achieving your long term goals. Setting monthly goals will ensure you keep on track to achieving this goal. Our Strategic Services can help you make these goals measurable.
2. Revisit What You Did Last Year
Once you have decided on a resolution, take a look back at last year. Ask yourself what worked and what needs tweaking? Was there something you wanted to put in place that didn’t? To meet your Business Resolution this year, Back Yourself. Act on what you want to do and take a risk. Outsourcing tasks will give you more time and flexibility in your business. You will be surprised how outsourcing your day to day paperwork with Our Bookkeeping Services will give you freedom in your business.
3. Action a Business Plan.
In order to make a Business New Year’s Resolution a success, you need to have a Business Plan. Even if you already have a business plan, it needs to be reviewed. Ensure that your business plan is still in line with your overall goals. There are a lot of free templates out there, although we have found this linked templete from business.gov.au a very useful template. Cashflow is King. Do not overlook the financial section of your business plan. Our experience has helped our clients understand this process and implement a measurable working budget.
4. Embrace Cloud Software.
Cloud based software is the friend that brings flexibility and time to your business. Some business owners are worried about the security, although this issue is always taken seriously. Changing current systems can be daunting and the transition stage can be hard. Take the chance because you will not regret the benefits the cloud can bring. Xero was the first cloud software we introduced at Account Aspects and now we partner with many other Cloud Software Providers to offer our clients a complete solution.
We use cloud software for so many different reasons and could not run without it.
- Store our procedures to ensure they are being used and always current.
- Take notes at training events so they are accessible on many devices.
- Project Management so all tasks on clients job are completed.
- Manage multiple email accounts from different locations.
- Receive payments from our customers.
5. Involve Others in Your Business New Year’s Resolution.
Communicate your Business New Year’s Resolution with your team. This includes Your Staff, Your Partners, Your Bookkeeper, Your Accountant, Your Business Coach and Other Professionals. When you communicate your Resolution it becomes real. Your team will make you accountable and help you stay motivated to reach your goals. Write it down, put it on display, make it measurable using KPI’s and have regular meetings using management reporting to ensure this will be a successful resolution.
Leave your comments below regarding the Business New Year’s Resolutions you have made and how you are planning to achieve them this year. We’d love to hear from you. We welcome you to contact us if you need further assistance in implementing your financial goals.
We welcome you to contact us if you need further assistance in implementing your financial goals.