Here James Pinchbeck, Marketing Partner at Streets Chartered Accountants, talks about making New Year’s resolutions for your business.
Looking ahead to 2019, how many New Year’s resolutions have you made and equally how many have you already broken?
As well as in your personal life, the start of a new year can be a really excellent time to take stock of your business and your goals. The New Year can often present an uphill struggle, perhaps more so this year following on from the tough economic climate.
As in any time or state of the overall economic cycle there will be businesses doing well in tough markets and businesses doing less well in stronger markets. To a great extent, the state of a business is dependent as much upon the strategy and management adopted by its owners, or those running it, as the overall status of the market in which it operates. It is still thoroughly alarming how many businesses are managed without any form of plan or strategy.
On the basis that we are unlikely to see a marked upturn in the overall economy in 2019, the time must be right for business owners and managers to consider the options and plans for the year ahead.
The last two years have certainly, with the ongoing Brexit negotiations, created commercial uncertainty. The impact of which has dampened, even suppressed many businesses growth strategies and investment plans. Putting off decisions and action though could be more costly in the long term.
One way to cope with uncertainty is to create certainty, by identifying specifically what it is that is giving rise to the unknown or anxiety. For some that may be the loss of a key customer or loss of key staff, for others it might be a reduction in profits or the threat of a competitor. Whatever is toying with your mind or keeping you awake perhaps it is a good place to start, looking at a plan of action for a more prosperous or fulfilling year ahead.
Other than seeking the advice of work colleagues and perhaps friends, most businesses tend to turn to their accountants for advice. As such, as part of the plan for any business looking to its year ahead, it must be worth meeting with your accountants to discuss strategy.
Whatever you decide your New Year’s resolutions are for you and your business you may want to include perhaps an unusual one, in terms of reviewing whether your accountants can provide you with the proactive advice and support you need to make the most of 2019.