With 2023 looming around the corner, now is the perfect time to step back and evaluate your business performance over the last 12 months. In order to make intelligent business decisions and to provide a competitive edge for your business, you need to ensure that you are planning for the year ahead. Create a strategy and action plan that will really push your business forward. So, what things do you need to consider when planning for the year ahead?
Review how your business is really performing Assess how your business is performing, drill down into the real Revenue and Gross Profit growth, how your margins have been affected by price increases. A Gross Profit and Pricing Health check can provide all that information and more. Find out more here to kick start your 2023 business plan: https://www.oldfieldadvisory.com/get-started/gross-profit-health-check
Establish clear, quantifiable short- and long-term goalsHaving long-term goals gives everyone something to work towards, once established these can be broken down into achievable short-term projects and tasks. The same applies for long-term financial goals, and then breaking down into month by month forecasts. Use regular management reporting to measure your progress toward your goals and steer your team focus. Why not have some healthy competition between departments within the business to help drive these goals into financial reality?
Map out financial insights for the forthcoming year It is essential to create a financial plan that ties in with your sales plan, allowing you to set clear profitability and cashflow targets. We’ll help you ensure your financial plan will be one that will result in improved cashflow and a more valuable business – the plan has to work, and we make it work for you.
Communicate your goals to your team to ensure that you are all working towards the same thing There’s no point in creating goals and not communicating them to the rest of your team, you need to have them at the forefront of people’s minds to help drive the business forward.
Create a succession plan A succession plan is all about identifying and developing potential successors for key positions in your business and ensuring that the right people and processes are in place for the day you retire and walk away. If you’re unsure or would like some help with creating a succession plan, we’ve got a solution that will help…
Do you need any assistance?
With years of experience in helping clients map out their future, we can work with you to clarify your goals, and formulate a clear plan for you, giving you inspiration and direction to help you maximise your growth potential. Get in touch with the team at Oldfield via firstname.lastname@example.org or call 02476673160 and we will be happy to advise on the best solutions for your business.
Please note: This article is provided for information only and was correct as at time of writing (27/10/22). Any lists and details provided above are not exhaustive and are not intended to be full and complete guidance. No action should be taken without consulting detailed legislation or seeking independent professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this article can be accepted.