Chinese New Year Resolutions for your business

Haven Accounting | 3 MIN READ February 3, 2019

If you haven’t set some business goals for the year already, it’s not too late to get thinking about what you’d like to achieve. Once you’ve decided on your resolutions, it’s a good idea to have these written down somewhere easily visible so they’re always top of mind. We’ve put a few ideas for you below for some goals you might need to work towards. You can also check out our article on making SMART goals to help you stay on track.

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Review your current business plan
Even if your business plan is getting on a bit in years, it’s always something that can be revisited and revamped. You should try to keep this updated as you go, but at least update it with every new year so that you know what your previous plans and goals were and whether you achieved them. If you’re not sure where to start to update your business plan or what goals you should have, you can always have a chat to one of our experienced business advisers.

Research your competitors
No doubt your competitors will have some kind of New Year promotion available or will at least be sending out some communication to potential clients. It’s important to keep an eye out on competitors’ websites and social media pages so that you’re in the loop with what others are offering. What are they doing to keep up to date – do they have a new website or some new software? How are they reaching the general public? There’s nothing wrong with doing things your way, but if something has been successful for a competitor in the past, you can put your own spin on it.

Take control of your cashflow
If you tend to have a quieter period around this time of year, it’s a good idea to sit down and predict your cashflow for the year. If you can identify quieter times and busier times based on previous years, you’ll be in good stead to allocate your resources to balance these out. It’s also a good time to follow up any outstanding invoices from last year – it’s easy to get caught up in the Christmas and holiday period and allow for payment extensions but now’s the time to make sure you catch up on these.

Plan the year
As well as planning your cashflow and expenditures, it’s also important to plan out the calendar year. Do you have any important events coming up? Any business anniversaries or functions? If you can mark these down now as well as a reminder a month out, you’ll be able to plan accordingly, avoiding any last-minute stresses. This will also help you if any employees are requesting leave – you can have a general overview of when your important periods are and can plan around it. If you’ve already sorted leave for some of your employees, include these in your planning too.

If you’d like any support or assistance this year, don’t hesitate to get in touch with one of our Haven business advisers. We’re here to help you through any tough patches as well as help you to continue on a successful path.

 


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