What goals should you set for your business?

What goals should you set for your business?

The start of a new year – no better time to set new goals for your business for the year to come. What objectives should you be setting, and how do you achieve them? Here's five helpful hints:
 

1 Have control over your cash flow

Serious cash flow problems can threaten your business and its growth.

Effective cash flow management starts with keeping a close eye on your costs (if you're starting a new business, you need to minimise your start-up costs), negotiate good deals with your suppliers to get the best value for money. Your prices should enable you to attract customers while maximising profit, so now could be the right time to reconsider your prices and rethink your marketing strategy. Sound credit control measures will help to prevent cash flow problems, you must also know how to deal with late payment and how to recover debts if things get difficult. Working with budgets and cash flow and sales forecasts can keep your business out of trouble.

 

2 Grow your brand

Effective branding is important for your business. Branding means much more than a logo, stationery, packaging, slogan or colours. It's what your business stands for and how you are perceived by customers and others as a result of dealing with you. Does your image need a refresh? Do you need to rebrand? Update your website? Get more involved with social media? 

 

3 Define your ideal customer

You need to manage your customer relationships and understand your customers to target those that will help take your business to the next level. Your customer service needs to be excellent and look for ways to encourage customer loyalty. Can you sell more to your existing customers? Do you need to know who spends the most money with you? Why do they come back?


4 Try something new

Change is inevitable and expected in today's fast paced world so why not try something new. Maybe you need to reinvent and reinvigorate the business, introduce new products or services or find a new offer. You might simply need to stock new items the important thing is that doing something new can reinvigorate your business. Try targeting new markets, exporting, looking at a new premises or selling online.
 

5 Focus on your business plan

Make sure you are working on growing your business instead of working in your business and wasting time on daily matters that really aren't adding value. Delegate responsibility to other team members or externally for the day to day tasks so you can have time to think more strategically about your business and where you want to take it. Write a business plan and if you already have one, update it and review it.
 

If you need any help with your business planning, strategy or cash flow then contact our office.