March is the last chance dash to one-up your performance from last financial year. What are you doing about it? Do you have a business plan in order for the upcoming financial year? In other, relatively boring, news for you; the accountant’s D-Day is looming as we’re now into the month of March. It’s a bit of a tidy-up month for us while we make sure all tax returns are filed with IRD. This in mind, it would be a great help if you could please return any accounts queries as soon as possible. Thanks in advance!
Xero is just your accounting system. Right? It is and it isn’t. Accounting systems have come a long way and while there’s a hell of a lot Xero can do for you, one of the best advances is the ability for your accounting system to integrate with other systems.
Like Xero, there’s a ton of like-minded business developing software to help you better manage your pain-points. There’s also established software providers developing their own tools to ensure they are compatible with Xero.
Consider your current systems, or pain-points, and have a look at what’s available as potential improvements here.
You’ve likely all heard the anecdote “failing to plan is planning to fail”. Failing is never something you plan on targeting, but often the planning itself can be a task easier avoided.
We’ve seen business plans that would rival an encyclopedia, and others that fit on one page – it’s a little down to personal preference. The important thing is that you do it, and use it.
The bare essentials of a good plan are:
1. Executive Summary – Your elevator pitch. Who, what, and your goals.
2. Target Market – Who are they, what are they like?
3. Opportunities – What is your growth plan and your scope?
4. Competition – Who are they? Your U.S.P.
5. Financial Plan – What are the numbers?
Regardless of where you are in business; take a moment to consider the above. If you think you’re stuck and need help with a bit of a business plan, get in touch with us!
Your Outside team, and Ruby