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5 Areas of Your Business You Need to Review to Prepare for 2018

new year goals for your business

It’s that ever so motivating time of year again where people all around the globe are setting ambitious goals for themselves and unrealistic New Year’s resolutions are put in place. The New Year is certainly a good time to reflect on all we have achieved over the past twelve months, how we can improve and to start planning for a fresh new start. But, unfortunately, only a few New Year’s resolutions make it past January.

If you’re a business owner, you’ve probably already considered a mountain of fresh ideas and intentions for the year ahead. We’ve put together a list of 5 areas of your business to focus on, to help you increase your business success in the New Year and make your resolutions last all the way to December 2018 and beyond.

5 Areas of Your Business You Need to Review to Prepare for 2018

#1 Goals

The New Year is a great time to examine your business goals and think about where you’d like to be this time next year. Has your target customer altered? Have your financial goals changed? Do you want to grow your team?

It’s hard to accomplish anything without a plan in place, so map out your next steps, week-by-week, month-by-month, to help you move closer towards your goals. Then when you come back to work, you will have a clear plan of attacked and know where to start.

If you are looking for some assistance with your goal planning for 2018, we recommend booking in a Key Business Review. You can inquire today to see if you qualify.

#2 Mistakes

We’re constantly told to never to look back at what could have been – but what about observing what went wrong? Have you ever heard the saying ‘drivers who pass their test third time round are safest on the road’? Well it’s the same in business. No one likes to be reminded of their failures, however identifying where you made a mistake and learning from them will avoid making the same error again.

#3 Financial Position

Sadly, businesses often fail because of poor financial management or a lack of planning. But, like everything in business, your financial situation will change as developments and obstacles occur. The end of year is a great time to assess your working capital and how you could improve your financial position. Identify where you could adjust your expenditure by asking yourself the following questions:

  • Do you struggle with cashflow? (Try out our FREE Forecast Tool)
  • Are you borrowing too much money?
  • Do you waste money where it could be better spent elsewhere?

It’s also a good idea to speak to your financial specialist who will identify how your cashflow could be adjusted to help you plan for both the short and long-term future.

#4 Processes

All successful businesses adapt with the times. Think Apple – they wouldn’t be the multi-billion dollar company they are today if they were still selling their first hand-built computer.

There’s no use coming back in the New Year and performing the same inefficient routine, so have a think about which processes in your business are working, which need tweaking and which are complete time-wasters. You may find simple changes will help you save money, time and make room for more efficient practices in your business.

#5 Marketing

Marketing has the power to boost your business by 10%, 100%, even 1000% and more! So whether you have an in-house marketing team or you outsource to a marketing firm, it is important to have a strong strategy in place.

Have a think about what worked with your marketing plan this year, what didn’t work so well and what trends will help you succeed in 2018. You should also check out how your competitors market their business, what they offer and identify your point of difference. An effective marketing plan will ensure you start the year off with a bang!

If you have any questions or concerns about how to effectively review your business to prepare for 2018, please feel free to contact our experience and friendly team today.

We wish you a prosperous New Year.

Walker Hill Team