Future-proofing your business
No one can predict the future, but you can be prepared for whatever it may throw at you.In business, there are some proven steps, that can help make your future as successful and as stress-free as possible.
How can small business owners future-proof their business?
The key to success comes from knowing your numbers. You need to be profitable, and you need to set yourself measurable goals to help you grow each year. It’s quite simple, and it comes down to a few critical steps.
It can be hard to do the work to plan when you’re doing everything yourself – how would you approach finding help?
It’s possible to do your books on your own of course, but everyone needs a good accountant, and you need to make sure that the accountant is working in your best interest.They should be thinking about your accounts in April/May, and you should be getting a plan together to tackle tax and plan for the future early on.Working with a good bookkeeper can help you if you’re not into advanced analysis or predictions.Plugging numbers into a spreadsheet is one thing but sitting down and analysing them and figuring out where things went wrong is another. If you’re not comfortable with these tasks, get yourself a bookkeeper who can help.
Something a lot of businesses have trouble with is the concept of setting goals – which is crucial to future planning. Any tips on how best to approach this?
Many business owners want to earn more, but they don’t break it down into how they can do it. They also don’t have a reason behind their goals.I think this is an essential step – there has to be a desire there to achieve and knowing why you want to improve revenue or go global helps you stick to your goals.