With 2024 now upon us businesses must be strategically preparing for the challenges and opportunities throughout the coming year.
In this article, we discuss 6 key actions you should consider to help prepare:
Preparing for the tax year-end:
We are quickly approaching the tax year end on the 5th of April 2024 and now is a good time to ensure that you are making the most of any allowances. Three key points to consider are: Dividend tax-free allowance, full basic rate tax band, and pension contributions. For more details on these, click here.
Creating a business plan for 2024:
As a business owner, you want to continue success and growth throughout 2024. Creating a business plan is fundamental, as it allows you to make intelligent decisions and provides a competitive edge for your business. A business plan allows you to lay out your business goals, track, and be accountable for them throughout the year. Business plans typically include detailed information that can help improve your business’s success and growth. If you haven't already created a business plan for 2024 you can find more information on how to create one here.
Market research:
It is important to stay on top of market trends and industry developments. It is a critical tool that businesses can use to gather valuable information about target audiences and industries. Your target audience will change their preferences over time therefore market research helps to identify any emerging opportunities and potential threats to your business.
Succession planning:
More often than not, we find that businesses don’t have a succession plan in place. A succession plan ensures that the right people and processes are in place for the day that you retire and walk away from your business. When succession planning is done well, it helps businesses be prepared for when talent needs arise, it guides talent development over time and identifies talent risk.
Future-proofing your business:
Is your business future-proofed? Running a business comes with various risks and threats. No matter what industry you work in, even the most optimistic entrepreneur should ensure that they’re prepared for worst-case scenarios. It is crucial to be clear on what threats your business may face, this will allow you to create a plan to ensure that your business is future-proofed.
Planning for an eventual business exit:
It is never too early to start planning your future business exit. Whether you’re planning on exiting sooner rather than later, it is a strategic move and requires careful consideration and planning. There are various routes to exiting a business that you can consider, such as implementing an employee share plan, or a holding company buyout.
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 info@oldfieldadvisory.com 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 (15/12/23). 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.
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