Business Goals for 2021
It's that time of year when some of us get to put our feet up and reminisce about the crazy year it has been & what lies ahead.
If you haven’t really developed goals or strategies in the past, don’t worry, you are not the only one. People often don’t have the time to set goals nor the time to implement them. (Perhaps your first goal should be to gain more time!)
However, goals really are invaluable in providing direction for your business (and life) and for feeling in control of your financial situation and future.
If you do have some time over the holidays to clear your head, here are some prompts to consider for your business in 2021:
Want more time for leisure, family or hobbies?
We constantly talk to business owners about this, they just seem to be TOO busy. This is a difficult area for everyone (including Accountants!) and we always suggest looking at ways to get more time back for you.
This might mean getting your business functioning well without you, outsourcing some responsibilities or starting a succession plan. It's important that you maintain your well-being, and that will in turn assist your business drive.
How is your financial situation now?
What would you like it to be? Do you have goals for one year, five years or ten? This is closely linked to our point above about lifestyle.
The harsh reality is you can’t get anywhere without knowing where you’re going and how to get there. Setting goals (and then plans) is crucial to making any meaningful progress or actual direction towards a life you love.
Need more Insight into your financials?
It is possible to feel like you are fully across your financial situation at any given time! However, it might mean looking into a new system that provides real-time financial information about your business & processes a lot of actions automatically. Read about the great advantages of cloud-based systems like Xero here.
Are you short on cash in the business?
We constantly see this as a major issue for people with small businesses, but there is hope! Real-time accounting can make such a difference in understanding and predicting cash flow.
Having problems getting paid by your clients?
We all know that Seasonal implications will affect industries like Agriculture, but there may be other issues delaying payments. Looking a bit deeper into exactly who and when might identify some other roadblocks that could be easily solved.
Looking to expand with new equipment or another location?
This can be a difficult decision to make as you are unsure of what may or may not happen considering the amount of money you are investing. We can always help in discussing a decision like this with you.
Good staff are hard to find!
What are you doing to look after them? If you invest in them, they are going to be more committed to putting energy into your business, and essentially, your dreams. Here is a great article from Insight Success about 9 ways to invest in your staff in 2021.
Last of all, what is your exit strategy?
Are you passing on the baton to your staff/family or are you thinking of selling? Get a head start, consider your options early and start making plans.
If you make some goals or plans for the year ahead… please tell us!
We want to know what your ambitions are so we can help you get there. We can support you in reaching your business and financial goals with advice, options for the future or simply a deeper analysis of where you are now.
Book your Business Review call for early 2021 by calling our team on 02 6942 4932 or emailing us.
Have a Merry Christmas and Happy New Year!
From the team at Hunt & McTavish.