Happy New Year to all our amazing clients and friends! As with every new year comes new resolutions so have you set some New Year’s resolutions for your business to achieve this year?
The new year is a great time to reflect, set goals and make a plan to achieve them. Below are a few tips and tricks on some example resolutions and how to set yourself up to start with goal setting.
2021 Resolution List
- Achieve a Profit of $— this calendar year
- Do a business health check
- Redo your business plan
- Work on the business (rather than in it) one day per month
Why do we set goals?
Without setting goals, we are flying blind, we don’t know what we are targeting and we lose motivation quickly. We have found in the past year with clear defined goals we are achieving a better business result as we have a target and work harder to get there. These goals give us motivation and drive as we know what we are trying to achieve.
Where do we start?
We would recommend starting out with a quick financial health check of your business. To begin with, look at your profit and loss for the last 2 years, break it down quarterly, monthly and weekly. Some questions to ask yourself?
- How often are you achieving a profit vs a loss?
- What expenses are higher than you anticipated?
- Is there a consistent trend in your profit or is it all over the place?
This will help you see where you are at and start thinking about where you want to be. Whilst you are looking at this, it is also worth looking into what processes are currently in place and how can they be more streamlined, no process is ever 100% efficient, so there are always improvements that can be made, even if minor.
If you need help with a business health check or setting financial goals for your business, please contact Graham or Sophie to schedule a time.
We wish you all the best for 2021!