We’re already well into 2018, but there’s still time to be setting New Years resolutions for the year. In actual fact this might be a better time rather than right at the beginning of the New Year, with people back into the swing of things and ready to focus on making the most from the rest of the year.
Although New Years resolutions tend to be for personal goals and ideals, the principle is still the same for business. The art of carefully selecting targets and goals to make a more profitable and successful year is of course essential for thriving businesses.
Therefore here are a few pointers to bear in mind as you look into this concept. They’re not definite goals in themselves but rather points to send you in the right direction to then form your own ones, all from an accounting perspective, and making every penny count for your business over the next year.
1. A Moving Market
The economy is an uncertain thing as we all know, particularly at the moment with issues like Brexit and even talk of recession times again. It’s actually difficult to be certain of these things, however it’s still prudent to prepare for all scenarios and best- and worst-case situations.
So whether that’s keeping savings aside, or a contingency plan in place, or even investment in new areas – look at any good strategic routes to take this year.
2. The 80/20 Principle
This is a great principle that affects all of life, not just business. So 20% of your clients or customers will produce 80% of your business, or looking at a negative way, 80% of them can be ineffective. And then to go even deeper, 20% of those first 20% are even more productive.
So rather than being a headless chicken all year trying to please everyone, whittle down who your key contacts and sources of business are and give them the TLC that they deserve. Plus you could even look at not continuing business with the very least-effective parts of the business.
3. On Top of Chores
Every business has those mundane chores, in fact accounting is one of them. It might also be more the admin side, health and safety compliance, or just people-management.
However they’re the foundation of a good business, so although they shouldn’t dominate what you do, you do need to make sure things are ticking over. And make sure this is all as slick and efficient as possible.
4. Focusing on New Business
Even though you may not actually want any new business right now, don’t stop preparing for tomorrow’s crops, so to speak. After all it’s often a long-term systematic approach that pays dividends with business growth over time.
So after you’ve sussed out what works best, whether that’s modern online means or old-school offline communication and people meeting, keep a good regular method of doing this and slowly building up good contacts over time.
5. Doing a Good Job
This may seem so simple, but it’s the essential ingredient to a successful year; simply making sure that what you do is done well, with happy customers and clients with over-delivery of goods and services.
In all the talk of being productive and systems, this can often be missed, and is what a business is actually there for – to deliver value.
Having a Very Happy New Year
Therefore as you begin settling down into this year and consider how you can make the most of business this year, these above issues are key in order to consider some great goals, targets, and New Year’s resolutions. These will help increase turnover, reduce costs, extend profit, and enhance efficiencies right from the top down.
The key is to make these high and ambitious, but still within the realms of possibility. So looking carefully at your own business and seeing what specific areas need the right fine-tuning and focus to bring the pounds and pennies nicely home to roost by next December. Start with wild brainstorming, narrow down the options with input from others, and then nail-down end-goals that everyone will commit to in order to see this all become a reality.