5 Steps for Business Success in 2018
There is nothing like a little reflection to breathe life back into your business, and the start of a new year is the best time to do it. If your business is fresh it’s a great time to get in the habit of checking in, and if you’re a small business veteran it’s even more important to get a fresh perspective. Here are 5 simple steps to guide you in your new year resolutions and set yourself up for success in 2018:
1. Plan your holiday cash flow
The best way to start strong, is to finish strong, and this means planning. Sure, the end of the calendar year is a headache for all of us, but taking the time to plan your holiday cash flow is essential in making sure you start 2018 on the right foot, and get your ducks in a row for the second half of the financial year. Read our blog ‘How to full proof your Christmas cash-flow’ to get you started.
2. Re-forecast your revenue projections
Talk to any business coach and they’ll tell you just like any other goals or training you take on, break your financial projections down. Just like diets and exercise regimes, many business owners start the financial year with grand ideas and meticulous plans, only to get distracted by the daily grind. Research shows most business owners will lose focus on a financial plan after 90 days, so make it a habit to stop and take stock, and reforecast your financials. If you can’t do this quarterly, January is the ideal time to do your half way check in.
3. Split your business goals into financial & milestone
Along with travel destinations, dropping dress sizes, and climbing mountains, major business goals are often high on the resolution list for many of us. The key to making sure you set yourself up to reach these goals is to split them into financial and milestone goals. The reason?
The two are usually co-dependant, and by splitting them up you can get a clear picture of how to prioritise and best plan to use one to reach the other. And if you’ve already reforecast your financial projections, then you’ll have a solid picture of how achievable these goals are, and what needs to be adjusted to reach them.
4. Get studying
No, we don’t mean go back to school or uni (although you can never upskill enough..) we mean give yourself some time to sit down and research not only what is going on in your market, but what industry insiders are predicting for the year. Whether it’s new software pegged to change the way your industry provides service, or new entrants set to introduce fresh competition, there is no better time to take advantage of ‘what to expect for 2018’ content and get your finger on the pulse.
5. Get equipped
If you’ve followed these tips so far, you’re coming out of the holiday season unscathed, have an updated financial outlook, set your goals and know what to be investing in to stay ahead of the game in 2018. Now it’s time to get equipped.
Use the last stretch of the financial year to invest in new staff, venues, equipment, software, marketing – or what ever you need. If you need a hand to arm yourself with the right tools, talk to our team about financing that will help you start 2018 with a bang.
Disclaimer: Information is of a general nature. Please consult your Account or Financial advisor for advice.