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As we race towards the end of another year, this is an ideal time to be considering what should be done so that your business hits the ground running in 2016 to maximise your opportunities.
We have put together eight key action points, some or all of which will help you focus on what could give you and your business key advantage in the New Year.
Consider your strategic business plan (or create one!)
Our research tells us that many businesses do not spend enough time “working on” the business, rather than just “working in” it. We can help you with your strategic planning and would be delighted to offer a free introductory Blue session to help you have clarity on your strategic direction in 2016. Click here for more information on Blue.
Consider your personal aspirations and alignment with the business
We know that personal aspirations within family businesses and indeed other owner managed businesses can vary, leading to differing views as to what the overall strategic direction should be within the business. We would be happy to offer a free introductory Blue session to help you shape a co-ordinated direction. Click here for more information on Blue.
Review financial budgets and cash flow forecasting
Most businesses will have prepared budgets and cash flow forecasts to varying degrees of sophistication, however many do not re-visit these during the year. This is important in establishing the underlying reasons for variances and taking corrective action.
Consider your funding structure and requirements well before you need them
Our contacts in the banking sector will always appreciate a proposal that has been well structured and formulated in advance of any funding requirement. This demonstrates sound and credible management. Our corporate finance team can assist you in structuring and sourcing the most appropriate finance for your business. Click here for more information on corporate finance.
Review your remuneration structure and personal taxation planning
What may be an optimum structure now may not be for 2016 as a variety of factors may change, including the new additional tax on Dividend payments from April 2016. Our team of Tax Consultants and Financial Planning Consultants can help you review whether opportunities are being maximised.
Select your top ten potential customers and plan how you will approach them
Construct a plan as to how you will best achieve a face to face meeting with the key decision makers within your target customers. Remember, coffee is the new lunch and email can be more effective than letters or telephone messages.
Review your accounting and management information systems – are they “fit for purpose”?
Are you getting the right level of financial and management information from your accounting systems? We will be delighted to discuss this with you. Many of our clients are using Xero as an optimal solution. Click here for more information on Xero.
Direct costs and overheads – can you negotiate savings?
Review your costs incurred with principal suppliers and utility providers and discuss and negotiate better terms. Consider whether valuable early settlement discounts could be achieved where your funding may permit this.
We believe that addressing some or all of the above action points will place you and your business in prime position to go into 2016 and beyond in great shape and to move into a new phase of successful and profitable growth. We will of course be delighted to assist you in creating your specific action plans.
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