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Building A Business Strategy For 2018

 

For many business owners, the New Year often feels like a welcome breath of fresh air. You’re back at work rejuvenated after an extended break, and there’s a strong whiff of optimism and expectancy in the office atmosphere. Anything could happen over these next 12 months – and that’s an exciting thought.  

By looking back on 2017, you can give yourself every chance of enjoying a prosperous year. This involves being honest about your shortcomings, as well as analysing the areas in which your company surpassed expectations. These can function as the focal points for assembling a strong strategy that takes your company forwards into invigorating new territory.

 

What went wrong? 

It’s not easy to admit when you’re wrong. But as a business owner, you’re not going to make all the right decisions all the time. You need to accept, acknowledge and understand your missteps so you can reduce them.

Now we’re in the New Year, it’s the ideal time to look back and evaluate where things didn’t go according to plan in 2017. Doing so will mean that you don’t make these same mistakes again. Recruit the help of an objective voice so you don’t skip anything along the way.

If you received an unexpected tax bill during the year, you may need to work on preparing tax returns correctly. If you experienced cash flow issues, it could be time to improve forecasting or even re-evaluate expenditure.

The more truthful you are when applying logic to these problems, the better your business will be for it. 

 

What worked better than expected?

On the other side of the coin, your business may have excelled in particular areas where you were expecting limited growth at best. If this is the case, you can’t afford to just give yourself a pat on the back. Instead, you should get into the mind-set of a growing company. 

Some businesses choose to nudge up product prices and make savvy investments whilst the going is good, but to see success continue, you need to set higher targets. Never rest on your laurels; keep pushing forward if you have the resources to do so.

Most importantly of all, remember that higher profits mean bigger tax bills. If you’ve been operating at a steady rate for some time, the implications of increased revenue may not even cross your mind. If you flourished in 2017, be warned that your liabilities to HMRC are set to change – especially if you’ve crossed a tax threshold.

 

Putting together your plan…

In some circumstances, setting up an effective strategy for 2018 will simply be a case of analysing your setbacks and successes, and then refining your approach accordingly. However, in the event of significant changes, you may need to start a new financial plan from scratch.

In either case, Nabarro Poole can help you revise your business model by offering you specialist financial and accounting support. Get in touch today on 0161 998 4276 to set up a completely free consultation. 

14th of January 2018




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