The end of the year 2014 is an excellent chance to think about your company’s progress during the last year and set up a plan of action how you would like your company to grow. Would you like increased success within the coming year? Perhaps you would want to pursue that long-awaited expansion? Or perhaps, you want to put more of your marketing dollar into action? Regardless of your goals for the year 2015, it’s safe to say that you want better things for your business. Here are a couple of things that you should promise yourself for your next year in business, like a New Year business resolution if you will…
Better Manage Your Cash Flow
Cash flow is definitely the core of any business enterprise. Although you may show a nice gain in your income or profit and loss statement, it does not count if you don’t possess enough cash flow to cover your monthly premiums. Your company will fall short if you concentrate just on profit at the expense of your cash flow. A lot of people unfamiliar with business have to discover this the hard way – by running short on cash.
Prepare a Business Budget
Your budget for the business is your action plan. Figure out what you want your planning stage to be and ascertain what your budget must be for that particular period. Your initial step must be to come up with a budget worksheet together with entries for the income you anticipate to get as well as the expenses you foresee to incur throughout the budgetary period.
Increase Sales Revenue for Next Year
If you do not accept credit cards, next year might be the time to begin. Without having a web-based sales presence, you may want to look into the prospect of building that presence. Anything, within reason, that can be done to get to your client base that will increase your sales revenue might help boost your profit and cash flow throughout 2015.
Learn Something New
What you decide to learn might be specifically connected to your company or totally unrelated. Learning new things will add to your set of skills and acquire a new aspect of interest to your lifestyle – an essential component of attaining a healthy work-life balance. Depending upon how you decide to learn, you could connect with new and interesting individuals, who could become clients, peers, or close friends.
Always feel free to contact me on my insights.wired page if you enjoyed this article! I wish you all the best of luck in the upcoming New Year!