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Practical tips from Forvis Mazars to support business success in 2026
Nine practical tips from Forvis Mazars to help kick start your year to reach your full business potential.
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, here are nine tips to help kick start your year to reach your full potential.
1. 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.
2. 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. Award entitlements change so it’s a good time to review these and ensure you are meeting the requirements.
3. 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 cash flow needs are going to hit by preparing a cash flow 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 cash flows of a successful year will look like now then plan to ensure you have funding sources 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 to identifying the right fit for your business.
4. Start planning the next seasonal campaign
The first few months of the year are a good time to think about the calendar of activities you can do to ramp up the pipeline of new work and to schedule the next period of downtime. This helps in managing the timing of key staff taking leave so they are on deck when you need them and taking a break in the quiet times. Consider what your clients schedules look like and when is the best time to engage with them to reinforce repeat purchases.
5. Get a handle on your financial health
For most businesses with a 30 June year end, you are just over half way through the financial year and have six months to hit your budget for the year ending in June 2026. Use this half way point to check if you are on track to meet budget, assess how the year to date result has varied from your original budget and what you can do to impact the end of year results.
Sit down with your accountant to forecast out the year end result if you remain on the current trajectory. Forvis Mazars highly recommend simulating a few key changes to revenue, margin increases, debtor collections and expense reductions to see what is possible to give you renewed focus to hit the result.
6. Your role in the business
Too many business owners say they end up spending too much time in their business, rather than working on larger plans and direction. Now is a good time to consider how that relationship is working in your own enterprise. Do you have enough time to set and monitor execution of strategy?
If not, carve out some regular time in your schedule to make that happen on a regular basis, perhaps fortnightly or monthly. A good way to ensure this happens is to be accountable to someone, if not a business partner then consider regular catch ups with your accountant who can help keep you on track to progressing items that are part of the bigger picture. The long-term prosperity of your business relies on your leadership and strategic direction
7. Have your system work for you
If you’re spending too much time on manual tasks, look for opportunities to automate. Start with the activities that consume the most time, and leverage technology to streamline operations. If you haven’t already, consider how AI, cloud-based accounting solutions or software add-ons, can automate expense tracking and other processes for you. Speak with your accountant to find the best fit for your business.
8. Plan a strategy getaway for your top leaders
Strategic planning is a powerful tool for business owners. Set aside time with your key team members, away from daily demands, to brainstorm and map out the next steps for your business. Big-picture thinking and collaboration can help you set ambitious goals and move closer to your long-term vision. Use the coming year as a stepping stone toward these objectives.
9. Benchmark your business against industry standards
Benchmarking is a smart way to measure your business’s performance against others in your industry.
By comparing key metrics such as revenue growth, profit margins, customer satisfaction, and operational efficiency, you can identify areas for improvement and spot opportunities to excel. Use benchmarking reports, industry associations and government resources to gather relevant data.
Regular benchmarking ensures you’re not just keeping pace, but striving for best practice and staying competitive in the market.
