Business planning for 2020
Posted by Northadvisory on January 16, 2020
Planning for the new year ahead is often daunting. From budgets and goals to increasing productivity and adjusting business structures, it can all become a bit of a blur. But gaining clarity about your business is the best way to set solid foundations for the future.
We can help you get clear, organised and prepared for business accounting and planning in 2020 with the following guide.
Set your goals
Setting your goals and objectives for the year ahead should be the first port of call for your 2020 business planning.
Whether you want to boost your revenue or gain more clients, it is essential to lay out exactly what you want to achieve in a straightforward and organised way.
We suggest following the ‘SMARTA’ philosophy:
SPECIFIC – Set out a specific goal. For example: I want to gain 20 more clients by the end of the month.
MEASURABLE – Get the details down. If gaining more clients is your goal, make a note of the number of clients you are aiming for so you can measure your success.
ATTAINABLE – Is your goal achievable? Do you have the resources and skills to make it happen?
REALISTIC – Don’t set yourself up for failure by setting unrealistic goals. Always ask yourself: is this goal realistic?
TIMELY – How long will this goal take? Set a reasonable but firm deadline to achieve your goal.
ALIGNMENT – Your goals should always align with both your personal and business values. Ask yourself: does this goal align with my values?
Once you define your goal, you can take the right steps to ensure success.
Embrace the cloud
2020 might just be the time to embrace the cloud.
Making your data and software accessible anytime and anywhere, the cloud can be a great asset for the needs of your start-up or small business. The ability to work remotely across all your devices can help you and your business in many ways, including:
- Greater efficiency and flexibility
- Reduced IT costs
- Easier collaboration
There is a large range of cost-effective cloud software available in the market and we strongly recommend using Xero for your accounting needs.
This year, minimise your environmental footprint, reduce clutter, ditch printing costs, and become efficient by going paperless. It’s easier than ever to ditch the paper trail… not to mention smarter. If you haven’t yet taken the plunge and gone digital, 2020 is the time to do it.
Xero Files is a great way to set up a ‘digital filing system’. Helping you to convert and securely store all your business documents including expenses, bills and invoices, Xero Files offers a great range of features and benefits for your business, including:
- Online invoicing with ‘Email to Bills’
- Adding key + relevant documents with related transactions and records
- Adding photos and other helpful visual aids to transactions, items and invoices
- Easy reference and sharing capabilities
- Efficiency with use of side-by-side files
- Clear and simple navigation UX
If you’re concerned about security issues, don’t be. Systems have come a long way when it comes to online security. Xero keeps your data secure through its multi-layer security process. Your data is encrypted, backed-up daily and stored in several locations to make sure it’s safe, secure and available when you need it.
If 2019 wasn’t the year of the app, 2020 certainly is.
If you haven’t taken advantage of Xero’s App Marketplace, now’s the time. Featuring over 800 helpful and intuitive apps, the Marketplace can help you and your business excel in ways you never thought possible – and help you on the journey to business planning for 2020.
From managing people and processes to tracking inventory, Xero’s app integrations are a great way to bring your business into the now. And through the power of their API, these apps seamlessly share information with Xero, helping you and your clients solve workflows.
The Xero App Marketplace also uses their insights to offer you smart recommendations on apps that will best suit your business needs.
After some help with your 2020 business planning? Contact our team today.