With just weeks of 2017 remaining, it is essential to look ahead to the new year. This is especially true as it relates to planning the financial goals for your business. According to Inc.com, more than 80% of small business owners do not keep track of their business goals. Additionally, “77 percent have yet to achieve their vision for their company.” Since the end of the year can tend to get a bit hectic for most business owners, now is the time to sit down and create achievable goals for 2018. It is only through a detailed assessment of your business financials that you will be able to avoid sudden financial hardship, and reach new levels of success in the new year.
Take time to assess your financial picture from 2017
If you have not yet taken the time to review your financials from 2017, it is important to do so before setting any future goals. You must know where you stand currently to set realistic goals. Review items such as your income, expenses, and any important financial statements. When assessing your documents, look for areas of improvement. Are you spending more in certain areas than what is necessary? Do you need to increase the pricing on specific services or products? If you are having difficulties assessing your current financial picture, it is best to consult with a financial advisor.
Secure funding for big projects
Are you planning the next big project, product launch, or re-branding for your business? Before getting the ball rolling on any major initiatives, secure the funding needed to carry out your plans. Establish how much you will need for your upcoming project, and create a plan to save the additional funds. Alternatively, you can apply for the most appropriate loan to match your needs. Crediful (https://www.crediful.com/personal-loans/opploans/) suggests applying for an unsecured loan, as this type of loan does not require collateral.
Set your three top financial priorities for the new year
As you plan out your financial goals for the new year, your list of goals can quickly escalate into a neverending to-do list that cannot possibly be achieved. Furthermore, if you create too many goals, you will inevitably lack focus and clear direction. With this in mind, select three of the top financial priorities that are most important for your business in 2018. No one can achieve everything all at once, so carefully consider what is most essential to work toward in the new year. Are you looking to reduce spending in a certain area? Are you looking to make enough to hire new staff members? Consult with others who are part of your business, as well as trusted colleagues, if you are having difficulties with prioritising. Also, take into consideration the upcoming economic changes that are projected with Brexit. Experts predict that the UK economy will slow down quite a bit in 2018. Although you cannot anticipate the full scope of the economic changes, you can at least brace for the impact as you set your goals.
Planning for a financially successful 2018
Although it can be tempting to wait until the last minute to begin thinking and planning for the new year, the success of your business depends on thoughtful, advanced goal setting. Making it a priority to assess what is and isn’t currently working for your business, as well as securing funding and establishing focus, will only bring more momentum to the year ahead.