When running a business you can often ignore the signs of insolvency, taking out short term loans, propping up the...
The start of a new year is a great time to reflect on personal and professional goals, this is the time that many businesses look at the highs and lows of the last year and build upon them.
Some businesses will find that a look back on finances for the year has meant they haven’t been as profitable as they would like, high turnover but increasing spend may mean they need to reevaluate their business focus and put processes in place to increase margins. If you have had a successful year then you should look at what was successful and build upon this.
Business Tips for the New Year
Top tips for your business this new year, use this chance to grow your business, don’t repeat mistakes and take advantage of success.
- Revise your business plan – no matter how long you have been in business it is worth revising your business plan based on the current market and your experience.
- Look at areas to save money – are you spending a lot of money on services or tools that don’t add value to the business? If so now it the time to get rid of them.
- Look for ways to invest – do you need to invest in a new website, new staff, training for staff, internal systems that will help the business run well?
- Set sales targets – if you work out how much you need to cover costs, salaries, expenses and Tax you can set a minimum sales target if you don’t hit this regularly this is a warning sign your business needs to rethink its costs and strategy.
What do you do if you had a bad year?
The New Year is often a time when you realise that perhaps your business wasn’t doing as well as you thought? Have your costs crept up but sales stayed the same? Did you have to pay fees because other people were paying you late? There are many reasons why a successful business is not as solvent as it could be, if you find that your business hasn’t had a great year then now is the time to turn it around.
The sooner you realise you need to make changes the quicker the success will be, don’t bury your head in the sand use this opportunity to turn it around. Lines Henry are licensed insolvency Practitioners who specialise in company rescue and business recovery if you feel like you could be heading into trouble, we can help but the sooner you get in touch the more options we have to help you.