Firm foundations
Every successful business starts with a strategic plan. A strategy is simply a plan designed to achieve a long term goal. In business it’s your blue print for the future and your benchmark to determine if you’re on track or if you need to tweak things a bit to get better results.
Start by putting down on paper your goals for sales and expenses, cash flow and capital spending, asset purchases, customers, suppliers, marketing and staffing … in fact all the key ingredients that define a business.
Use these ideas to improve the foundations of your business in 2016-2017:
• Create a budget and set financial key performance indicators to help improve the profitability of your business.
• Create a HR budget to plan for a larger team and more growth while ensuring you continue to achieve healthy profits.
• Create a plan to invest in new technology that employs the right kind of finance (cash vs debt) at the right time and doesn’t impact negatively on your day to day cash flow
• Set up sound financial systems and reporting routines. These are vital for effectively monitoring your business as it becomes more complex. They are also fundamental for meeting your corporate and tax responsibilities.
• Set up a routine to regularly review your business balance sheet, cash flow statement and profit and loss account so you always know how your business is performing
• Create a management team that can get involved in the overall management and review of business performance
• Include your mission statement and values and an organisation chart so you get the right people in the right roles.
• Create a budget and set financial key performance indicators to help improve the profitability of your business.
• Create a HR budget to plan for a larger team and more growth while ensuring you continue to achieve healthy profits.
• Create a plan to invest in new technology that employs the right kind of finance (cash vs debt) at the right time and doesn’t impact negatively on your day to day cash flow
• Set up sound financial systems and reporting routines. These are vital for effectively monitoring your business as it becomes more complex. They are also fundamental for meeting your corporate and tax responsibilities.
• Set up a routine to regularly review your business balance sheet, cash flow statement and profit and loss account so you always know how your business is performing
• Create a management team that can get involved in the overall management and review of business performance
• Include your mission statement and values and an organisation chart so you get the right people in the right roles.
Invest in laying the ground work now for your business and reap the rewards of that effort for the life of your business. Call us today for a discussion on how we can help you lay the foundations for your business success.
