It’s that time of the year again! Time to take a few minutes and reflect on the year that was, then use this insight to start planning your year ahead. Time to take stock of where you are; what worked well; what didn’t; what you’ve achieve and where you can improve.
Think about:
- How many jobs have you quoted?
- How many jobs have you won?
- How many existing clients have you lost?
- How many new clients have you gained?
- What was your turnover?
- What was the average value of outstanding payments due to you over the course of the year?
- What was your actual debtor days? ie how long did it actually take, on average, for your clients to pay their bills?
- What was the longest time a bill remained overdue to you?
Consider these questions, then set about answering: ‘Has this improved since last financial year?’ Most importantly following each one, ask ‘Why?’ and ‘How can I improve this?’
If you don’t take the time to review and plan now, you’ll just move into the new financial year continuing to run on the same hamster wheel. You’ll be working in your business, rather than on your business. There’s a big difference.
It’s also a great time to see a BrightPath Advisor to get a good idea of the financial health of your business.
We will help you to take a financial snap-shot of your business, and discuss strategies to improve your profits – let’s face it time is money!