Cast your mind back to January, the beginning of the new year where we all laid out plans and goals for the year ahead. In January we spoke to you about the importance of having a business plan which was a great start to forming new habits.
Now that we’ve reached quarter 2 have you had time to look back on all of the things you put in place in quarter 1? We recommend that you reflect at least once a quarter on everything you have achieved within your business. You may be pleasantly surprised to see your progression. If you’re not on track and you’ve not come as far as you expected then this gives you the opportunity to re-evaluate. Re-evaluating the situation can be a big turning point. If you continue to still follow the same processes and continue with the same habits you always have then you’ll be in the same position next quarter.
Some may assume that a habit is a negative thing but a habit is actually a behaviour which is consistent. Something which we repeat and yes we can develop bad habits but we can also develop good habits too, such as taking a walk every morning, creating a to-do list each day. These habits that we form for the good can give us motivation and help us to develop new processes in order to become much more productive.
Think about what habits you had within your business that were good or bad prior to the new year. What has changed? Have you developed new behaviours and processes? Do you look at your business differently than you did before you had a business plan? I expect the answer is yes.
Review the strengths and weaknesses your business had in January when you wrote your plan for the year. How have these things changed? By putting steps in place to improve certain areas of your business they become much more achievable. When you see your progression and how far you have come this will give you the inspiration to drive your business further. This is why reflecting on your business each quarter is valuable for success.
If your goals are financially driven then it may be advisable for you to seek advice from a bookkeeper or accountant. Introducing a bookkeeper into your business who works closely with you, means that you have another perspective. They can give you advice on what steps need to be put in place in order for you to achieve your goals. Cash flow forecasting can give you a great insight into the future of your business, especially if you have someone explaining the numbers to you and exactly what they mean.
If you’re a serviced based limited company looking for support with your business finances then we’d love to hear from you.
Comments