Financial resolutions are one of the best ways to improve your forecast for the coming year. If you are set to make the same profits as you do every year, then it will be incredibly beneficial for you to work on improving this. As utility prices increase and the economy gets more competitive, you should never aim to remain comfortable; you should always reach for a little bit higher. Here are some of the best ways to make your financial forecast look a little bit more promising in 2020.
Offer your advice in your sector
An interesting way to make money for your business is to start to offer your services in the form of advice. As a company, you would hope that you are confident enough in what you have to offer that you could provide expert advice. Any business owner should be self-assured enough to know that they are an expert in their field; otherwise, why start a business in it? Offering bespoke advice services or popping up at trade fairs could be a great way to earn a little extra money for your company, and refine the skills you already have.
Cut costs
While cost-cutting isn’t a way of generating money, it does leave your finances in better shape. You don’t want to put in extra effort into boosting your profits, only to be paying too much for some of your overheads. Here are some of the best ways to cut costs:
• Utilities: the price you pay on gas and electric should be approached in much the same way you would for your utilities at home. Comparison services such as Utility Bidder exist for businesses too, which means you can easily find the cheapest provider with little effort.
• Rent: while negotiating with your landlord isn’t always effective cost-cutting well worth trying. If you have been with a particular landlord for a number of years, you can perhaps appeal to their sense of loyalty. Why should you stay with them if they are going to increase the price every year?
• Eco-measures: energy-efficient lightbulbs are a great way of saving money, but your eco-policy can always be improved. Why not install timers in some rooms, particularly those where employees spend less time? Bathrooms and meeting rooms are particularly useful to consider.
• Got a creative on your team? Perhaps use them to create some of your content marketing. A marketing agency may be required for larger campaigns, but writing a blog on your website doesn’t necessarily require outsourcing.
Capitalize on strengths
Say, for example, you were a premium client marketing agency: should you start offering companies tips on how to best market a budget company? Capitalizing on your strengths is one of the best ways to offer a more refined and marketable service. Honing in on what you do best helps you to explore new potential avenues for profit. Is there a niche you could develop? Take, for example, the idea of a premium agency. Do you specialize in a particular sector: motors or homes, for example? Refining this could see you capitalize on some real strengths and boost your profits throughout 2020.
Finance management
If you own your own business, you may not have a finance department. This means that you might be in sole control of your finances, or you may be shelling out for an accountant every year. Learning how to handle basic inventory management and invoices is essential for the financial health of your business. A useful new year’s resolution for you could be to get some finance training: this could well reap the rewards in the future, as you will be able to get a clearer picture of your overheads and profits.
Keep to your goals
It sounds so simple, but sticking to your business goals is one of the best financial resolutions you could make for your business. It’s important to remember, too, that creating objectives for the year is not just something you should just create at the start of the year. Business goals are a feature of your forecast that should be amended and tracked each year: you should come back to them, assess them and ensure that you are on track to meet and exceed each one.
The best financial resolutions for your company are ones that cut down on costs in order to maximize your profits. If you are worried about meeting your financial resolutions, you should return to the drawing plan. Your goals should be an aspirational, but not ludicrous, part of your business plan. Working together as a team to meet them and stick to them will help you progress forward in a way that is measurable and achievable.
