Don't hurtle straight into the New Year - make some goals first.
It’s easy to plunge straight into the New Year headfirst - but it’s important to examine the actual state of your business first before making any major changes. Look at your finances, how you ended the year, and what worked well last year. By looking at these things, you’ll have the full picture of your business, and therefore be better placed to make a plan for the upcoming year.
Communication is vital for any successful business - whether that’s communicating with customers or communicating with your staff. Get feedback from what worked well in 2021 and what changes your customers and staff want to see in the upcoming year. Is there a new product or service you can offer? This feedback can be invaluable.
Although it’s important to make a business plan, you shouldn’t be afraid to make changes - who knows what 2022 has in store. Be flexible around your planning - break it down month by month and revisit it at the beginning of each month or quarter to adjust it. This Forbes article explains Continuous planning well - if other methods of planning haven’t worked for you in the past, try this.
Following on from the previous point, Cashflow forecasting can be a valuable activity to complete regularly throughout the year, but especially at the beginning of a new quarter. Read our guide to Cashflow Forecasting, which gives best practice and guidance on starting to forecast your business cashflow.
Is the cashflow forecast not looking so good? You need to get on top of it.
Now can be a good time to introduce some new strategies and technologies into your business operations. Use a platform like itsettled to boost the amount of cash in your business bank account. Our automated credit control collects your invoices faster - giving you more time and energy to focus on the important parts of your business.
The manufacturing industry is one of the worst impacted industries by late payment.
We examine how credit reports can be used to your advantage as a business owner.
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