A new year means a fresh start for your business! It’s an opportunity to review the previous year’s performance, sales, and your current brand strategy. It’s also an important time for planning new goals for 2019 and evaluating your company’s financial health.
At Focus Financial, we help business owners create financial planning goals that align perfectly with the needs of the company, as well as the needs of employees. In this blog post, we wanted share some important tips to consider when reviewing your current financial strategy for the upcoming year.
Plan Small for Big Impact:
For business owners, your long-term goals will vary. Perhaps, you’re hoping to grow your inventory this year, expand your team, or increase revenue by 10 percent. Although it’s important to identify what your bigger goals are for the new year, to achieve these larger ambitions, you first need to plan out smaller steps that lead you on a path toward success.
Going back to the example of growing your inventory, before you can achieve this goal, you’ll need to decide how the process will begin. Consider what vital steps are needed to ensure you reach the desired end result. Ask yourself questions like what type of cash requirements will the company incur with larger stock? How will you control costs, audit your stock, and manage inventory?
When these smaller goals are outlined, you have an achievable path forward to actively track and manage.
Map Out Your 2019 Budget Plan (And Stick to It):
An essential step to ensuring your business maintains a healthy equilibrium this year is to plan your budget…and stick to it. Consider how you handle incoming sales and outgoing expenses. Do you have a solid budget plan in place, so you can easily track and monitor your company’s cash flow management? If not, make sure 2019 is the year you do!
Remember, this task also provides you with an opportunity to list out your expenses and find ways to reduce business costs and eliminate debt. Focus Financial is an experienced financial planning firm in the Twin Cities that can help you with this crucial component of your business model. Contact us to learn more about how we can help!
Don’t Plan to Get Rich Fast:
It takes time, effort, strategic planning, and smart investments to make a business successful. Instead of picturing a large number in your head that you’d like to make in the future, write down your revenue goals for each year. Be specific and use information from the company’s past expenditures and revenue data, as well and market research and analysis, to help you set realistic goals. And at the end of each quarter, review your financial statements to make adjustments where necessary in order to reach your specific revenue goals at the end of each fiscal year.
Hire a Financial Planning Expert:
At the end of the day, you have a business to run, and it’s likely you’ll need professional guidance to help manage your finances, investments, and succession planning. This is where Focus Financial can help! Through our comprehensive business planning services, we’ll help you set your company up for continued success with individualized support that helps you achieve your long-term goals.
Contact Focus Financial today to schedule an appointment and make 2019 the year you take control of your business’ financial health.