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Accounting and Bookkeeping for Small Businesses and Sole Traders

Chartered Management Accountant, Certified Practising Accountant

and Registered Tax Agent

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New Beginnings and Goals

Posted on 5 January, 2014 at 21:54
When better to do an appraisal of your business and to set new goals than at the beginning of a new year. Now is the time to sit back and take an honest look at your business.

Is your business progressing and growing the way you would like it to go and if not why not?

By focusing on your business you can get a good idea of how the business is performing and this will enable you to set the focus of your strategy for moving forward.
 
1.    A good starting point for your review is to evaluate what you actually do, your core activities, the products and/or services that you provide. Ask yourself what makes them successful, how could they be improved, and could you introduce new or complimentary products and services.
 
2.    Are you reviewing costs frequently? Are you keeping a close enough eye on your direct costs, your overheads and your assets? Are there different ways of doing things or new materials you could use that would lower your costs?
 
3.    How efficient is your business – are there any internal factors holding the business back and if so what can you do about them?
 
4.    Review your financial position – when it comes to your business’s success, developing and implementing sound financial and management systems is vital.
 
5.    Review your marketing plan. Assess your customer base and market positioning as a key part of this process. Look at factors such as:
 
·         Changes in your market
·         New and emerging services
·         Changes in your customers’ needs
·         Changes in competitive activity

Once you have reviewed your business use your review to redefine your business goals. Ask yourself the following
key questions:

1.    Where is the business now?
 
2.    Where is it going?
 
3.    How is it going to get there?
 
Prepare work plans to put the new ideas into place and set some timetables. Regularly review the plan and allow for adjustments as you progress. In addition, a simple planning cycle can greatly enhance your ability to make changes in your business routine if necessary. Good planning helps you anticipate problems and adapt to change more easily.

Categories: business

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1 Comment

Reply Stock Tips
12:40 on 2 April, 2015 
By focusing on your business you can get a good idea of how the business is performing and this will enable you to set the focus of your strategy for moving forward.Great ideas you shared here to develop any business.I really appreciate this post.Your writing has impressed me. It’s simple, clear and precise. I will definitely recommend you to my friends and family. Regards and good luck
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