Now that the curtain has closed on 2018, the excitement for 2019 has begun, and you probably already have ideas buzzing in your head about the new directions you would like to take your business on, the profit margins you’d like to achieve and new products you’d want to launch. However, before your ideas can take on a life of their own, your business should take the time to prepare a plan of action for the new year. Here’s how:

Take stock

A review is often better with the help of an objective expert business advisor. They’ll be able to help you assess what went right, what went wrong, the areas that need improvement and the solutions that will turn things around.

Set new goals for this year

Your goals will form your plan of action. Are there any goals you haven’t achieved that are still a priority? Do you have a plan to meet them? Remember that the best goals are those that are SMART (Specific, Measurable, Achievable, Results-oriented and Time-based).

Take care of small tasks that need doing

You’ll want a fresh start to the New Year which means tying up loose ends. This can range from filing invoices to clearing out your inbox and ensuring your bookkeeping is up to date. You don’t want these tasks to lurk at the back of your head and become instilled old habits this year.

Predict and prepare for peak periods

Get organised and have a look at your stock or supplies inventory and orders ahead of time in anticipation of peak business periods. This usually occurs at the beginning of the year.

Update your business website and social media accounts

While it’s essential to update your website regularly, this task often gets forgotten with all the other duties you have to perform. Remove old information, update new products and services and make sure that your web pages load in the shortest length of time possible.

Check your cash flow

You’ll want to make a note of outstanding payments and send out reminders. Also, check that you’ve settled all your accounts to avoid paying late penalties. Proper cash flow management is one of the best ways to ensure your business continues to thrive.

The start of the year is a golden opportunity to prepare for the 12 months ahead. If you need the expertise of a business advisor to help you plan for a successful business year, schedule a consultation with one of our trusted advisors at Stones Sharp today.

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