The start of the financial year is going to be the starting point for planning the business cycle for the next twelve months.
1. Understand the Market – Every day, new technology or new business, or new trends are happening. We must know the opportunity and adoptability of the new technology in the business to grow fast. We need to understand the market and make changes based on that to the regular process. The focus needs to change according to the market trends.
2. Update your budget – Using the past data in the budget is not going to help the business group. It should be updated with a new goal and should focus on key areas. It should show the goal of expanding the business. Check the budget with the actual to know if the business is running as per the plan.
3. Prepare the cash flow – It shows the performance and liquidity of the business. Sales will be higher, but the cash inflow should be more. Businesses should have a very good collection process for better cash flow for the next 12 months. Cash flow must monitor and play a major role in achieving the goal.
4. Bookkeeping Method – Check your books every day and check the outstanding payable and receivables. Check all the payments and deposits made. Find out the better way to chase the long-time outstanding. Make sure that none of the expenses or income transactions are missed out.
5. Goals – Every business has its own goals to achieve. Planning for Twelve months must be achievable. Planning a big return in the short term is not an achievable goal. Always make a realistic goal. Focus on the area that requires improvement.
