As spring approaches and Q1 closes out, now is the perfect time to put some thought to sprucing up your 2016 business strategy by giving it a good spring-cleaning. Just like deep-cleaning your home once a year in the spring, giving your business strategy the once over each year will help you keep your company on track for reaching your 2016 business goals.
Here are four ways to spring clean your business planning as we begin the second quarter.
Step One: Revisit your business goals.
Even before 2016 began, you had a goal. You wanted more of this and less of that. Goals let us know if we’re on track or not. It’s time to make sure that you still want the same things and to see how those goals are progressing.
Step Two: Refresh your business plan.
As the old saying goes, “Failure to plan is a plan to fail.” Have significant changes occurred since your original business plan was written or updated? Is anything obsolete? Make any necessary changes to the information, data, and projections it contains.
Step Three: Revisit your budget.
Revisiting the budget in the spring gives you an opportunity to see how successfully you are following your financial blueprint. Chances are your budget will need a few minor adjustments to reflect actual spend during the first few months of the year.
Step Four: Give your cash flow some attention.
Your budget and financial goals are almost always affected by your monthly, weekly, and sometimes daily need for cash. So, how are you doing? Are you making payments on your bills on time? Are you shuffling money around your accounts to cover various expenses?
Meeting quarterly and annual goals is dependent on your business plan. And your business plan is dependent on your budget, which in turn is dependent on your cash flow. If your cash flow is low when you need to spend your year-end goals are at risk.
Universal Funding can help with your spring cleaning, starting with your cash flow. Give us a call at 1-800-405-6035 or fill out a rate form and one of our reps will give you a call to start the discussion.