As valued clients and contacts of Archer Gowland, we hope you had a wonderful Christmas & New Year holiday period.
2020 - welcome to a new decade. It's amazing to reflect on how Australia's business economy has evolved in the last ten years, and even more so since the early 2000s.
The accounting industry is one of the many sectors which has seen increasing change resulting from new developments in technology and the digital landscape. This impact means, now more than ever, advisers are best positioned to provide strategic, bespoke assistance and advice to clients - delivering a greater in-depth understanding of their business, and building towards consistent growth.
For many business owners, the beginning of a New Year can be the ideal starting point to assess business plans for the next 12 months, define a strategy outlining goals & objectives, and consider how you will work towards achieving these.
As our first blog release for 2020 - we've highlighted some basic forward business planning tips to be aware of, helping to formulate an 'Action Plan' for the year ahead.
1. Consider Personal & Business Timelines
As a business owner, it is essential to be mindful of any personal or unforeseen circumstances which could arise throughout the year, and how an extended period away from day-to-day management can impact operations.
When forward planning, it is important to acknowledge potential circumstances which could result in time away from the business (ie. holidays), and ensure you have the appropriate processes established to maintain continuity across operational or financial commitments.
Additionally, when defining your personal/business time-frames, consider how your overall goals & objectives may also factor. When establishing your goals, ensure they are "SMART" in their objective - meaning they are Specific, Measurable, Achievable, Relevant, and Timely in nature.
If you are unsure how to define your goals in relation to your industry or business operations, a business adviser (such as Archer Gowland) may be able to assist.
2. Consider Current Business Trends and Assess Previous Performance
Whilst the start of a New Year can be an opportune time to consider future business plans, it also provides the opportunity to review previous business performance and growing trends.
Conducting analysis on trends and performance can be a powerful tool for business owners, especially those operating small-to-medium sized businesses. These evaluations can help highlight areas in need of change or improvement, and assist in establishing new benchmarks - reflecting business positioning and market conditions.
The analysis should also assist in tailoring metrics and strategies to compensate for slow growth periods throughout the year, and build the appropriate tactics required to achieve business Turnover and Net Profit targets.
3. Business Management Considerations
As a business leader, your '2020 Action Plan' should also consider overall business growth management, and how operational improvement and finance functions integrate to achieve the company's long-term goals.
From an operational perspective, you should ensure best-practice strategies are implemented, supporting business development and sustained growth. By reviewing existing practices pertaining to these areas, you can determine their long-term suitability, and adopt alternative solutions where required.
Alongside this, it is important to consider your 'people management' strategy within the business.
As a business leader, you need to adopt a strategic approach to development and retaining employees to meet the needs of the company's long-term goals.
Forecasting your company's HR/people management requirements can also determine:
- New jobs and roles required to secure the future of the company
- Skills required by current employees to undertake responsibilities of new jobs or roles
- Whether your employees' expertise are being sufficiently utilised
- Whether current 'People Management' practices can accommodate the company's growth
4. Political / Economic Considerations
Finally, when building your plan for 2020, it is important to review political and economic factors which may impact business trading.
These factors can include changes in tax policy, trade/tariff controls, legislative reform, or potential changes in the political/economic environment - both locally and overseas.
Your planning for 2020 should address any potential changes resulting from the upcoming Federal Budget, and Queensland's State Election in October.
Throughout the year, we will be providing our own commentary on these events through seminar/webinar releases, therefore to keep updated subscribe to our blog & social media platforms.
For More Information
For more information on building your business/action plan for 2020 or how Archer Gowland can be of assistance in benchmarking or advisory services throughout the year, please contact Ian Walker (Managing Director) or Smiljan Jankovic (Director) on (07) 3002 2699.
