So, you’re back from the mince pies and turkey having had (hopefully) a restful Christmas break! What will 2016 have in store for you and your business? If you’re still in the process of considering your options we take a look at a number of business concepts and financial ratios that could transform your business this year. We also outline how you could get up to £3000 from the Government with the recently introduced ‘Help to Buy ISA’.
You’ve (hopefully) managed to take a well-earned break over the Christmas Holidays and have returned with a renewed vigour for 2016. Before you get drawn into the day to day running of your business it’s worth taking some ‘time-out’ to evaluate some important concepts that may help you along the way…
- Your top 5 Goals. Make a list of five things that absolutely must happen in 2016 to make it your best year yet. They need to be clear, specific and tangible goals. For each goal detail exactly how you can achieve the goal. Be specific and take the time to figure out what you need to do to improve. Write down as many steps as possible so you have a clear roadmap for what needs to be done in 2016 for your goal to become a reality.
- Review your business plan numbers. There is an old saying that what gets measured gets managed. So as you look towards 2016, it is worth revisiting some of the fundamentals that are vital to your business. If you do not have any metrics in place, now is a perfect time to set them. These can include key financial ratios as well as customer and Web based metrics, e.g. £ value per customer, conversion rates, etc. Topics to brush up on include:
a. Break-even Point
b. Profit Margins (Gross and Net)
c. Cash Flow Forecasts
d. Profit and Loss
e. Sales Forecasts
f. Cost of Sales
g. Creditor and Debtor DaysBy understanding the numbers that are relevant to your business you can ensure that you are giving yourself every opportunity to grow and prosper. - Re-evaluate your Systems. The start of a New Year is a great time to review the systems within your business. Consider the ways in which they can be improved or streamlined, to save you time, and re-engineer systems that are out of date or are no longer relevant. Document each system fully so that it can be used as a ‘how-to’ guide for your companies operating manual – and don’t forget to consider how the responsibilities for each system can be incorporated into the job descriptions for each team member; to ensure the responsibility for implementing them is fully adopted across the business.
- Delegate day-to-day tasks. Take a look at what you do each day, and be honest now, how much of it could really be done by members of your team? As a business owner it can be hard to let go, but by delegating daily tasks you’ll free up more time to focus on the important items that will move your business forward. Start by looking at a list of daily responsibilities you currently have and begin delegating some of them to other team members.
- Start automating your business. There are a plethora of new apps and technologies that could automate repetitive tasks within your business. From project management systems, accounting and even marketing and social media you could introduce systems that could save you and your team valuable time.
- WOW your customers. Take time to have a real, sit-down discussion with your entire team. Think about the different ways that you could really thrill, surprise and delight your customers this year – helping your retain their business and improve referrals.
If you need any assistance in boosting your business in 2016, call us now.