Heading into the last quarter of the year is a good time to start thinking about what you want for your business next year.
Many business owners are so busy with the day to day operations, that they do not think about planning and strategy - “the what’s next?”
Spending some time working with your team (or by yourself), building a picture of where you want your organization to be this time next year…. Or this time 5 years from now.
Think about things like:
your sales targets
customer acquisition numbers
Then, how you are going to go about it, what it is going to cost and what is your implementation strategy.
A budget is a very useful tool in this process. Used in conjunction with your strategy and planning, it can serve as a road map for your organization to achieve the goals and targets that have been set and it will highlight how much achieving those goals is going to cost the organization. It will highlight working capital requirements and give you insight into your cashflow situation over the next year. Having this insight is invaluable. Assisting you plan ahead for situations where cashflow may be tight or revealing months where cashflow may be more than anticipated, allowing you to have a plan for what to do to maximize the overages.
A budget can then be included in your financials for 2021 and you will be able to see on a monthly basis how you are doing against your targets. This gives you time to make decisions on a regular basis to keep you on track to achieve your business goals.
Have questions? Let's chat, 833-202-7676