Plan for a Successful 2019
With Christmas around the corner, now’s a good time to put some plans in place so you can have a more profitable, less stressful 2019.
Be sure to set goals and plans that are both financial (your budget, loan balances, number of new clients you’d like to attract and personal (holidays, education, credit card balance). The old adage with goals is that they should be SMART – specific, measurable, achievable, realistic and time based. Also, make sure someone knows about your goals and can hold you accountable to achieving them. There’s nothing like a bit of constructive pressure to kick your performance up a gear. With my clients, we break down their next 12 months into 3-month segments and track how they’re doing along the way, making adjustments as we need to.
Once you’re clear on how to set goals, these are some of the areas you might like to focus on in your business over the next 12 months to help take it to new heights.
What are some goals you could develop within each?
Proper record keeping is essential for complying with business laws, claiming expenses, tracking depreciation and ensuring you stay on top of your debtors and creditors. If you’re still using paper systems, have a look at some electronic options to keep your records, store them in the cloud and access them easily.
Once you’ve decided on what you’d like your business to achieve in 2019, work out the best staffing arrangement to do it. It could be a combination of full-time staff, casuals, contractors or outsourcing to agencies. Think through all the options, so you can be clear on the best staffing solution and the costs and obligations that go with it. This will help you avoid any nasty surprises during the year that can come from recruitment or termination costs.
Talk to your accountant so that you’re clear on ALL the deductions you’re eligible to make. As the year progresses, make sure you collect sufficient proof for these deductions. Also, spread your deduction-related spending to optimise your cashflow and tax obligations.
Review your current insurance policies and banking systems to ensure you’re getting the best possible value for your business as it is today. Chances are you committed to your bank and insurer some time ago, when you were in a different position and they may not be providing you the best options available now.
Make sure your marketing is going towards the right areas that will grow your business. Put plans in place to get more from your existing customers and acquire new customers as cost effectively as possible. Map out how you’re going to do this over the next 6 – 12 months so you can implement creative solutions that are more likely to work.
While accounting can seem like it’s all about the numbers, ultimately those numbers mean little if you’re not fulfilled and working towards a goal that matters. Why are you in business? Get clear on your reason for doing this and create a vision for the future that excites you. You need a reason to turn up every day and endure the risk and hardship that goes with being a business owner. A clear vision will inspire and motivate you to do the rest of the tasks mentioned above.
So that’s it. Choose the topic areas you want to focus on and set some SMART goals to achieve them. Using the above examples, this could include:
- Moving to cloud based record keeping.
- Hiring new staff with particular skill sets or training existing staff to take on new roles.
- Finding new deductions and better tracking your fuel, power and stationery costs.
- Moving to a new, more affordable insurance plan.
- Creating a new brand and a more unique position amongst your competitors.
- Creating a clear vision for your business and helping your staff to buy into it.
If you’d like any help planning for the new year and improving your business, call us today for a free consultation on 07 3357 5553.