There can be lots to stress about when trying to establish your business. By following these 7 simple steps you can set yourself up for success.
1. Set your goals and determine your strategy
a. This should be an iterative process, whereby you set goals, then work to identify where you will play and how you will compete. Reassess for alignment to your goals? If not tweak one or the other where needed.
2. Articulate your strategy into a business plan
a. Formulate your market, your competitive advantage, the financial inputs and outputs. How are you going to execute, what does success look like and how do you measure it?
3. Cash flow is king
a. Simple statement, but often a struggle. Make sure you understand your cash flow, can forecast your cash flow and have options available if you need more.
4. Develop a 12-month budget
a. What do you expect to achieve in the next twelve months? Be realistic around both revenue and costs. How many new sales can you get in the next 12 months, what spend gets you best bang for your buck? Do you have the right people or equipment?
5. Ensure you have regular reporting
a. Ensure your accounts are up to date and let your accounting system do the work for you. Most cloud based accounting systems such as Xero, come complete with a host of simple reports already loaded. Use them to see how the business is travelling toward your goals and compare it to your budget.
6. Develop a support network
a. Have someone or a network of advisors to assist you and to keep you honest. They can help you interpret your results and challenge you around achieving your success.
7. Cash is king
a. No you don’t have double vision! It is that important.
If you would like to know more please feel free to get in touch.
Zink Business Services 