Drive success this financial year by mapping out a plan. Follow our top 3 tips for business success for where you want to be this time next year.
1. Decide the destination
Set your goals for the year
Dig out your business plan (if you have one) and critically review the results for the last year. What worked and what didn’t? What is making you money and what is costing you? What is happening in your industry? By understanding all this you can set goals for what you want to achieve this year.
Your business plan may no longer represent your current market, productivity, or earnings. Take what still works from your original business plan and tweak it to so you are focused on what delivers maximum return for the effort. Working smarter, not harder.
2. Map your route
Plan how to achieve your goals
Now you have your targets & goals for the year, decide what you need to do to achieve these. Goals are a great first step, but it is important to have a roadmap for how you are going to reach these. That is what your business plan does. Here is a template for a business plan
for you to follow if you don’t have one.
Stuck? Have a chat with your bookkeeper or accountant about your business plan. They can help you to clearly see the year ahead and work with what you want to achieve. Together, you can come up with a plan and cash flow forecast to meet your targets that are realistic.
3. Keep your eyes on the road and watch for road signs
Monitoring performance is essential for success. Regularly monitoring performance against your goals lets you see if you are on track and if you have gone off track, you have a chance to make adjustments.
Accounting and job management systems can help make this job easier:
- Put your budgets into Xero, MYOB and Quickbooks so you can easily monitor performance and manage cash flow.
- Job Management Systems like Aroflo, ServiceM8, Simpro, & Tradify track labour and materials at a job level which allows you to manage profitability in real-time.
You are now set to start the journey.
Wishing you great business success in 2022..