Over the Christmas holiday period, you’ve probably had the opportunity to take some time out of the business to reflect and review. You may have come up with a list of ideas or improvements to implement in the new year or thought about some new goals that you want to achieve moving forward.
But, we know as business starts to ramp up again it’s common that these intentions often fall by the wayside. To get you back on track and stay focussed here are some key questions to ask yourself:
- Did your business grow?
- How did your revenues and profits compare with the previous year?
- Does your expenditure over the past 12 months give any cause for concern?
- If you made a list of goals last year, did you achieve them?
- Are you in financial stress?
In short, try to understand how your business has changed since the end of the previous year. If it’s grown, great – you deserve a high five!
If business hasn’t improved, ask yourself why, and dig into the figures to find out more. If you don’t know how you are tracking or your results did not stack up with expectations, now is a good time to chat with your MJJ Business Advisor to help you set some financial and business goals.
If you don’t have anything in place, the development of a budget and KPIs is often a good starting point. This will help you chart where you are at, where you are going and how you intend on getting there. It is one of the best business tools you can have, enabling you to set financial targets and measure your performance.
In addition to goal-setting value, budgets will often improve your chances of acquiring funding. With the banks cracking down on lending we are finding it’s often a prerequisite for funding approval.
As Business advisors we are well equipped to help chart your course and steer your business in the right direction. Contact Melanie or Renee for a chat today.