09 Feb Most Business Owners Don’t Have The Answer To This Question…
Is my business on track to meet our target?
Why? Because they’re aiming at nothing!
Here’s the secret:
Unless you have a budget (or targets) for the financial side of your business, how do you know if you’re improving or going backwards?
Not many business owners actually prepare a budget for their yearly business activities, but this is probably one of the most important things they could do to drive their business forward.
You Must Consider this Seriously
The easiest thing you can do is budget yourself. You can say “alright this year I want to increase sales by 15%” But think about it, why did you choose that number? Was it a guess? Where you feeling confident at the time? Here at Stafford Accounting we use data analysis and experience to advise clients correctly. Together we can plan build a plan and eliminate the guess work
Your “On Track” Reports
With the reliability of a professionally made budget you will have exact concepts of what your business is trying to achieve each month. With a budget in place the team at Stafford Accounting can track and advise you using Online accounting software systems like Xero. (Ask us TODAY if you’d like us to set this up for you!)
Stafford Accounting can then review whether your revenues and expenses are higher or lower than forecasts, and then we can discuss what you can do to improve things, or simply celebrate having a good month. You’ll be amazed that even in tough economic conditions, aiming higher and regularly reviewing your results will lead to better business decisions throughout the year – and in most cases a higher profit each year.
Call Stafford Accounting today! Don’t wait, by not budgeting you’re only hurting yourself!