January may have come and gone, but that doesn’t mean it’s too late for you to start setting business goals for the new year. After all, we’re still in the first quarter so you have plenty of time to lay down plans for a more successful year.
To help you get the ball rolling, we’ve come up with a few simple financial goals you can use to boost your business this year:
Eliminate excess spending.
If you’re thinking of expanding your operations this year, you will need to review your budget and determine which expenses you can do without. Business expansion costs a lot money and it would be a good idea to trim excess spending before you begin looking for funding options.With the help of your accountant, determine which costs you can reduce to improve cash flow. You may also need to monitor inventory and reassess your staffing situation. The latter is especially true for businesses that are affected by seasonality.If you fall under this category, consider reducing the work hours of underutilized staff. You can also automate all repeatable tasks and outsource any non-essential business processes.
Improve your financial tracking process.
Avoid putting financial tracking tasks on the backburner. Although filing receipts and listing daily expenses might not seem urgent or exciting, they are necessary for meeting requirements for business taxes and other financial reports. Plus, updated and well-organised financial records help you generate more accurate cash flow projections so you can make better decisions for your company’s bottom line.
Create a detailed debt management plan.
Aim to be debt-free this year by creating and following a detailed debt management plan. No matter how insurmountable your financial liabilities might seem, this plan will help you slowly but surely pay them off without crippling your cash flow. You can contact one of our business development managers for assistance on creating a debt management plan that will suit your company’s situation.
Keep in mind that your goals are only as good as your commitment to achieving them. So, make sure you actually do something to reach the targets you set.
Remind yourself and your team of your goals throughout the year and revisit them periodically so you can track your progress. Of course, don’t forget to celebrate your victories and reward yourself for every goal you achieve.
Liam White joined the Slater Byrne Recoveries team in early 2013. He has worked across the credit & dispute resolution industry for a number of years. He is currently working in a Marketing/Head of Sales capacity at Slater Byrne Recoveries.