It’s that time of year again when we all make resolutions to change ourselves for the better.

Have you made any New Year resolutions for your business? If not, now is a great time to start thinking about your budgeting goals for the year ahead before you get side-tracked with day to day problems and take your eye away from the bigger picture.

One of a major benefits of budget planning is that is gives you the chance to create a focus and direction for your business, create some goals and objectives that will help you to grow. It is also useful to take some time review what happened last year and what you could improve on.

Budgeting is one of the most effective ways to stay on top of your cashflow, it enables you to make quick decisions and invest in opportunities at the right time, and it’s essential for ensuring you stay in control of your expenditure.

Here are some of our top budgeting tips:

Make time:
No matter how busy you are, make some time available to create your budget plan – it will save you time (& money!) and the long run.

Use existing knowledge:
Use information you already have from last year’s figures as a starting point and then adapt them to fit your goals and objectives for this year.

The devil is in the detail:
Make sure you cover everything… projected cashflow, costs & revenues.

Measure performance:
Use your budget as a financial action plan – this will enable you to spot cashflow problems or a decline in your profitability early and react accordingly.

Make it happen:
In addition to your financial plan create a quarterly action plan to include all the things you and your team need to do in order to achieve your goals. If you are all clear of the actions you need to take to deliver the financial plan then you’re much more likely to achieve it – otherwise it’s all just numbers.

Utilise your team:
Your accountant and finance team should have a full understanding of your financial position so talk to them and listen to any advice they give you.

Review your budget:
It’s an on-going process, keep reviewing your plan to make sure it’s working and change things if you need to.

What if!:
Dream a bit… give yourself an aspirational target to aim for as well as a more realistic one for the bank manager! Use ‘what if?’ to calculate what’s possible and how.

For more information on how our services could help you make 2018 a successful year, please contact us today. You can email hello@yourrighthand.co.uk or call 01252 820002 and speak to our regional team. We’re always happy to help and offer a free two-hour initial review to help you understand how to make valuable changes to support the financial aspects of your business.