How to plan for a New Business Year

As the saying goes, if you fail to plan you are planing to FAIL.

Usually, the aim of businesses is to be successful and this means most times to be profitable amongst other things.

Some other goals of success could be business growth, customer satisfaction, employee retention, reputable brand, better brand awareness etc.

You need to take these steps to plan for a new business year:

  1. Evaluate the previous Year: Bring out the figures and reports of the previous year to study trends and patterns. Check if and how you achieved your goal last year and identify what you need to do for a better or new result.
  2. List all the things that you want to achieve in the new year for your business. It can include some of those not achieved in the previous year.
  3. Analyse these goals of the business according to priority and put time lines. For instance, make a list of what you want to do, how you will do it, who will do it and when it will be done, this helps you to work towards achieving the goals.
  4.  Plan for your expenses: The usual operational expenses for business should be well planned for. mark the dates when these payments are due and plan ahead on how to make these payments. For instance, when does the rent fall due? if you pay annually then you need to start making provisions for how to pay that.
  5. Do not forget bookkeeping:  A lot of small businesses are always overwhelmed with keeping their records, especially if they are using the Do-It-Yourself approach. To have an up-to-date record of your business record you need to plan how and when you will do it. Do you want to employ someone to do that full time, do you want to get a part-time bookkeeper or you want to do it yourself? No matter how you want it, planning for it at the beginning of the year will ensure that you are periodically doing things that will ensure that at the end of the year you have a complete business record.
  6. Plan out your marketing strategies: Whatever you do, do not be engrossed with business operations that you forget to market. Ensure that you find ways to intentionally market and advertise your business. Make a list of what you need to do and prepare a plan on how to do it with dates and whose responsibility it is to do them.
  7. Taxes are important: A successful business is the one that is complaint with laws and regulation. it is a lawful thing to be diligent in tax matters. Do not be caught off guard. Plan for your business tax. Get professional help to mitigate losses.
  8. Plan for Employees: The rate of employee turnover now is alarming. Your planning should include how best to retain your staff members, especially those that are key to the operation of your business. Find ways to minimise the loss that can be created when a staff leaves by ensuring division of labour, staff rotation, gratuity pay, training amongst others.

We are a firm of chartered accounts and we offer business consulting,business registration and complaince, tax Services and bookkeeping. Reach us on +2348062701706 for enquires about our services.

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