The perfect time for planning?

The perfect time for planning?

Being in lockdown is frustrating. There’s so much you can’t do.

But is it the perfect time to do some business planning?

Business planning constantly gets bumped to the bottom of the to-do list. It never feels urgent, especially when sales are strong and you’re dealing with challenges like finding new staff or product shortages.

However, a business plan can really pay dividends in the long run. It can not only be a fantastic decision-making tool, but it can also help you get your priorities in order. What do you really want from your business in the long run, and how can you achieve that?

Setting goals takes a lot of thinking

Pared back to its essentials, a business plan identifies:

  1. Your goals – what you want and when you want it by
  2. How you plan to achieve those goals

Don’t be fooled by how simple this looks.

It can be pretty soul-searching to work out what your goals are as a business owner because they’re not simply related to growth and market share. They’re also about your personal goals – do you want more money or more time? Do you want to step up, or step back? From a business perspective, you need to think about whether to expand your products or services or become more profitable within your existing specialty area?

If you don’t manage to do any other business planning, simply thinking about your goals and jotting down a few on paper can crystallise your ideas – giving you valuable insights into which direction to take next.

A plan for achievement

Once you have goals in place, figuring out how to achieve these usually requires a multi-faceted approach. It will include some or all of the following:

  • Reviewing current and potential products and services.
  • Pricing, target market and competitor comparisons.
  • Sales and marketing.
  • Assets and equipment.
  • Systems, automation and outsourcing.
  • Financial forecasts.
  • Cash flow forecasts.
  • Possible funding for investment.
  • Your team.

Give us a call

We love talking to business owners about how to achieve their goals – seeing our clients succeed is one of the most rewarding parts of this job. We can run the numbers on various scenarios, do cost-benefit analysis, cashflow forecasts, and ideas for growth.

Give us a call, we can help.

Acro Accounting & Financial Planning (AAFP) offers a one stop solution right from accounting, taxation, financial planning to other business advisory services. As Certified Practicing Accountants (CPA’s) and professional tax advisors, we pride ourselves on being experts with the latest developments relating to business and taxation. We as professional public practice firm, provide high quality taxation and business advice to our clients through a personalised service at competitive rates.

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Take the first step to grow your business

We work with you and provide ongoing help and support with regards to financial and tax matters and to ensure you realise your goals as you move throughout your personal and professional life.

CONTACT US

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Cnr Lexington Rd, Underwood QLD 4119

P.O. Box 1147, Springwood QLD 4127

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Corporate Authorisation Representative

Mohammed Saheed (308525) and Acro Financial Services Pty Ltd t/a Acro Wealth Management (1246594) are Authorised Representative of Lifespan Financial Planning Pty Ltd ABN 23 065 921 735, AFSL No. 229892, ACL No. 229892, Level 23, 25 Bligh Street, SYDNEY NSW 2000.

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