Business Planning
We are now into February 2013. We have had our Australia Day, the new school year has started and we have hopefully completed our December 2012 BAS. Now is a great time to plan the remainder of the 2013 financial year (Feb 2013 to June 2013) before it is too late.
Use the financial information for the at least the last 6 months ended 31 December 2012 to forecast, plan and set budgets for the remaining months of the financial year ended 30 June 2013. Don’t wait for your Accountant to ask – “why was 2013 not as profitable as 2012?”.
Get organised so you can say, “2013 was better than 2012, but 2014 will be better again!”
Look back at the same time in prior years to identify seasonal trends. Take the time to actually sit down and think about areas of your business that need improvement and where you would like your business to be by 30 June 2013. What additional efforts can you make to improve on last year and previous year’s profit? What are the things you have wanted to do to improve on your business but have been too busy to do?
Allocate time to increase your sales and reduce your expenses compared to the same period last year. Write down areas you can improve your sales. Who can you sell more to? How can you add value to existing customers? Who are new customers you can target? Systemically look closely at all your expenses to reduce costs. Can you renegotiate contracts with suppliers? Look for unnecessary expenditure that can be reduced or even eliminated. Review insurance policies, telephone plans and compare other bank offerings.
Start by writing down your action plan of things you want to achieve before 30 June 2013. An action plan in your head will not work, make sure you write them down. Set completion dates for each of your tasks. Make your sure goals are measurable. Once you have finished your action plan, sign it and hold yourself accountable – after all, it is your business.
Do not file your action plan away, leave it somewhere you will see it each day. Allocate a little time each day to work on your business and take action by doing something every day, no matter how small it may seem or how busy you are. Remember it is an apple a day, not 30 apples once a month. Cross off each task as you do it. Rewrite your business plan as often as you need to ensure it covers at least 3 future months.
Remember – If you fail to plan, you plan to fail.
Start today before it is too late. Call us on 1300 830 230 or email [email protected] if you wish to discuss how to start your business plan.
Chris Guardiani CPA – Business Growth Guardian
www.businessgg.com.au
