Happy New Year! - Now is the time to reflect back on the 2019 (what worked, and what didn’t?), and plan how you can make 2020 really successful.
At GTC our purpose is to help clients exceed their goals so they become financially independent. If you are looking for some inspiration for your new year’s resolutions, here are some that can help you make 2020 better than ever.
1. Plan your downtime
Burn out is a real thing & small business owners aren’t immune to it. By planning ahead and booking out holidays and downtime to recharge, you may find that you are better energised throughout the year.
2. Write a business plan
What are your goals for the year? What do you want your business to look like in 12 months’ time, and what actions will it take to get there?
Getting clarity around these and documenting your plan is likely to give you a much better chance of achieving your goals. Involving your team in this process is a must, as their engagement and contributions will be a big factor in your success. When setting your KPI (Key Performance Indicator) targets for the year, why not brainstorm ways to improve these with your team?
3. Free up cash flow
Having cash tied up in debtors and stock can hold your business back. We suggest reviewing your trading terms and stock levels to release some more cash back into your business. You might be amazed at what every one day reduction in debtors and stock levels can have on your cash flow.
4. Plan for tax
Tax planning is often a big focus at the end of the financial year. However, tax planning throughout the year can help to give you more information for making business decisions, and can help you to better plan your cash flow commitments.
5. Focus on personal development
Have you identified areas in which you’d like to improve your skills? This could include technical skills, leadership skills or time management skills for example. Find the best resource for you and go for it. In a year’s time, you’ll be glad that you did.
6. Develop a succession plan
What is your end game? It is never too soon to start planning your business succession.
7. Build in accountability
Once you know where you want to be and what steps it will take to get there, how do you ensure you stay on track? Building in accountability measures, such as monthly and quarterly checks – maybe even with an independent party – can keep you even more focused on achieving your goals.
If you’d like help with planning for the new year, we’d love to hear from you.
Best wishes for a Merry Christmas & a happy and successful new year!