With the new year almost upon us, do you have a business plan for 2018?

With the start of a new year looming it is the perfect time to review your business and make plans for the coming year… so what do you have planned for your business in 2018?

You may have already been busy considered your plan for the coming year or perhaps over the festive break you took the opportunity to take stock of where you are and what you would like to achieve. If you did then this is great news as you are half way there. Having a plan is important as it gives you something to monitor your progress against, help you make the right decisions and stay on track. The importance of planning is a really an article in its own right and not the focus of this blog…maybe the next one.

However, if you don’t yet have a plan for 2018 then we would recommend you give it some thought, if you need help then please feel free to get in touch this us as we may be able to help or at least point you in the direction of one of our trusted partners who will be able to.

So you have a plan… are there any obstacles that will stop you from achieving your goals? There can be many challenges to growth but I have found there tends to be 3 things that hold back an ambitious business.

CASH
Change usually requires investment. If you are growing, developing new products, moving to new markets or taking on new staff all of these activities will require an increase in working capital. Does your business have sufficient cash to fund these activities and is it sufficient to achieve your goals?

TIME
Do you find that you end up spending too much of your time on doing tasks that aren’t really your thing and that you not a specialist in. This can be very distracting and can stop you from doing all the things you do best. You started your business because you are good at what you do, have you got the right people working with you doing the right tasks at the right cost? Or are you missing opportunities because you are too busy doing other things?

INFORMATION
Information is important, do you know on a continuous basis how your business is performing? Do you know if the plan you have in place is really working? Can you afford to carry out your plan and is it worthwhile? Do you have the right information to make good decisions?

MORE GOOD NEWS!
Help is available. At YRH we have a team of experienced, highly competent, part-time Bookkeepers and Financial Controllers available, who can come and work with you in your business.

We will look at ways of freeing up cash locked in your business to give you the working capital you need. Our book keepers will help you get some time back by taking on the administration of your accounts implementing systems and processes making the function more efficient and aid cashflow. Whilst our Financial Controllers will give you meaningful management information, monitor KPI’s and provide forecasts for you so you can make good and sound decisions about your business.

We can give you access to experienced staff on a part time basis to fit around your needs and requirements. We will always ensure that the person working with you has the skills you need and matches the culture of your business. We also provide them with ongoing training and carry out quality assurance checks, and they are all part of a big team of financial professionals who call on each other to help solve any issues that come up.

For help in business planning please contact usWe’re always happy to help and offer a free two-hour initial review to help you understand how to make valuable changes to support your business. Please email hello@yourrighthand.co.uk or call 01252 820002 to speak to our regional team.