Creating clear objectives for your business
Cam has a new column in the Weekend Sun. If you missed it read it below:
In the business world it's New Year's and time for some resolutions. It can be a party time of year for some and an opportunity to take stock, be realistic and make some hard decisions for others. But sitting down and reviewing your numbers isn’t as boring as you think. In fact it can be deeply satisfying and revealing if you have the right tools and support.
Review your systems and procedures, gain fresh perspective, update your business plan and create clear objectives. Don’t be afraid to ask your accountant any tough questions, or what you may perceive to be “dumb questions”.
No matter what your size or stage, reviewing your cash flow forecasts and financial situation in line with a strategy for the coming year is critical.
Businesses are always in a life cycle. Start-ups are concerned about attracting new business and how to improve cash flow. Those in the middle are wanting to grow, but eliminate risk. And those thinking of exiting their business are thinking about succession planning, and how their clients will be looked after once they’re gone.
If you haven’t updated your accountancy software over the last few years, then take a look at that. Spending too much time on administration is a clear sign you need new technology. Even if you didn’t grow up with technology, the software available today is easy to use and your accountant should equip you with the training and support you need.
Your relationship with your accountant at this time of year should be one where you're trying to figure out just what you do and don’t need to do to keep your business humming. It's a partnership that should raise expectations for the year ahead.