5 Tips to Set Your Business Up for Success in 2019

5 Tips to Set Your Business Up for Success in 2019

January is the perfect time to think of ways to set your business up for success in 2019. It’s the perfect time to review what’s working for you and what’s not.

Below are 5 tips to help your small to medium-sized business achieve success. If you’re not doing these things already, make them your business New Year’s resolutions!

Tip 1: Identify the support you need

Running a small to medium-sized business can be tough if you try to do too much on your own. You need to make sure you have all the skills you need on tap to grow your business. Often that means getting some expert help so that you can:

• grow your revenue,
• develop efficient systems,
• accurately forecast your cash flow,
• minimise your tax, and
• reduce your expenses.

Tip 2: Update your business plan

Review your business goals and the plan/s you have in place to achieve them. And if you don’t already have a formal business plan, it’s time to develop one! As the old saying goes, those that fail to plan, plan to fail.

It’s important to set short, medium and long-term business goals that are “SMART”. This means that they should be specific, measurable, actionable, realistic and time-based.

It’s also important that you regularly monitor your business performance so that you can track your progress towards achieving your goals.  That allows you to nip any issues in the bud and to make changes to your strategies if necessary.

Monitoring your performance is much easier with the right software. Using business planning software like FUTRLI can help you track your data and make better decisions. Get started on a free trial and see the difference it makes to your business.

Is your business plan not looking up to scratch? Download the business plan template!

Tip 3: Understand trends that could impact your business

The business environment today is highly competitive in most industries. It can also change quickly. You need to monitor consumer, economic, technological, legal and environmental trends to ensure your success.

You also need to be able to adapt to these trends quickly if necessary. You can do that by planning for different scenarios. Ask yourself business questions that start with the words “What if…” and develop potential strategies to use if/when your circumstances change.

FUTRLI scenario modelling allows you to plan for every scenario, and see the outcomes of potential decisions and changes to your business.

Tip 4: Evaluate your accounting and other software systems

Make sure you’re using accounting software to help with your bookkeeping and business decision-making. Or if you don’t have a system or any software, it’s time to implement them!

Setting up a financial forecasting and reporting system can help you save time and money. It will provide you with up-to-date and accurate information that you need to make smart business decisions.

Tip 5: Find new opportunities and markets for your business

Maybe you had a good 2018, or maybe you didn’t. Now it’s time to see how you can take your business to the next level and make this year your best.

Is there a way that you could better meet the needs of your customers this year? Or make your products available to more people?

Here are a few potential ways you could find new opportunities for your business:

• Get feedback from your customers and listen to their experiences
• Look at what your competitors are doing
• Look at industry trends and highlights
• Consider where else you could sell your products or services (even internationally)

With the new year upon us, now is a great time to set your business up for success.

Take the time to invest in new time-saving software, update your business plan and make positive changes in your business to reach new heights.

If you’d like to jumpstart your business and make 2019 your best year yet, book a free consultation with our experienced business advisors.