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Mazars breaks down for us some ways to kick start a successful year

Mazars offers its insight and assistance to companies who want to kick start their business in 2022.

The start of the year is a great time to reflect on the successes of the year that was and picture the achievements you could reach in the year ahead. Astute business operators harness the perspective that comes with a new year to define and refine their New Year’s resolutions and business goals. With this in mind, Mazars shares with us its tips to kick start your year to reach your full potential in 2022.

Review your business and marketing plans

Now is a good time to take a breath and think about your long-term vision and marketing. Is your business on track? Has it expanded beyond your original plan? Has your ideal client changed?

Taking the time to update your business and marketing plans will influence every decision you make in the next year. Doing so might even give you new ideas for products or services or identify any gaps in your business.

Determine your hiring plans

Consider whether your current staff levels and skills mix will enable you to deliver into your business plan. You could go even further. Do your staff reflect and embrace the culture that you have or want within the business?  Employees are the lifeblood (besides cash flow) of the business so think carefully about whether you have the right team on board who are engaged and skilled to support you to deliver into the business plan.  In addition, while reviewing your staff files ensure your staff contracts are up to date.  Awards change so it’s a suitable time to review these.

Cash flow lifeline

Cash flow can become overwhelming when you’re not actively managing it, especially when the business is growing, because that growth needs to be funded.  Use the beginning of the year to identify the timing of when the additional cashflow needs are going to hit by preparing a cashflow forecast that reflects your business plan. Map out a plan of what funding sources you can utilise to get you through these painful growth spurts (these can include prompt collection of debtors, extended creditor terms, overdrafts and owner’s equity). 

Start developing a picture of what the cashflows of a successful year will look like now, then plan to ensure you have funding sources to identified to see you through.  If your bank or broker is not on the same page when it comes your cash flow picture consider if they are the right fit for your business. Your accountant is a valuable resource when it comes identifying the right fit for your business.

Click here to discover other tips to take your business to the next level in 2022!

Source: Mazars

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