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Business Advisory team update

Plan to make business bigger, better

Accountants talk of budgeting. This is putting dollar amounts to a business plan. What is a business plan? It's anything you like! Why do we urge you to plan? Because you'll get better profits if your plan is a success. It doesn't matter how small your business is, planning should make it bigger. For small businesses best results are likely if you focus on boosting sales – but NOT at cut prices.

Don't think of a number and say: "That's my target." Do think of a number and think about how you will achieve this. Write down your plan.

  • who is going to do what
  • how much is going to be done
  • by what date?

We call this an action plan. Now hold regular meetings with your spouse/partner/friend to review how you're doing. Always stretch a bit. It's not good business planning to set easy targets. You could plan and boost your income. Try it NOW. You must write your plan down.

Then follow it. The more thinking you do the better. No pie in the sky targets, please.

Putting dollars to your plan (budgeting) will confirm it's workable.

Finally, if all seems to be going to plan, check regularly to ensure you're making a profit.


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