Business planning for 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.
“Strong business planning provides direction and stability, even when conditions are uncertain.”
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
- Security
There is a large range of cost-effective cloud software available in the market and we strongly recommend using Xero for your accounting needs.
“Businesses that plan early are better positioned to adapt, respond and grow.”
Go paperless
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.
App integrations
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.
About the author
Cayle Petritsch - Director & Wealth Advisor
Cayle Petritsch, Director and Wealth Advisor, works with our existing clients who have recognised the importance of business owners making strategic financial choices not only for their company, but for their personal finances too.
Cayle saw a great opportunity to expand North Advisory’s services into SMSF/superannuation, personal wealth management, asset protection services and other crucial personal finance facets that business owners need to consider.
His approach to wealth management allows you to receive highly personalised wealth advice. Working closely with Marius, Cayle understands the unique needs of every client, from their lifestyle and business goals to their retirement plans.
Key Takeaways
Planning Creates Direction
Clear goals and strategies give businesses focus and purpose.
Cash Flow Planning Is Essential
Understanding cash flow helps businesses manage commitments and avoid financial stress.
Flexibility Improves Resilience
Effective plans allow room to adapt as market conditions evolve.
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Frequently Asked Questions
Why is business planning important?
Business planning helps clarify goals, manage risk and provide a roadmap for decision-making, particularly during periods of economic change.
What should a business plan include?
A practical business plan should cover objectives, cash flow forecasts, budgets, staffing needs, risk management and growth strategies.
How often should a business plan be reviewed?
Plans should be reviewed regularly — at least quarterly — to ensure they remain relevant as conditions and priorities change.
Can business planning help manage uncertainty?
Yes. Scenario planning and forecasting help businesses prepare for different outcomes and respond more confidently to change.
Should I seek professional help with business planning?
Professional advice adds structure, insight and accountability, helping ensure plans are realistic and actionable.
How do I improve productivity without making my team burn out?
Productivity improvements work best when you create better systems and structure — not just more pressure. Planning helps you prioritise what matters most.
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Reach out we are here to help
Recognising the uniqueness of each business, we specialise in customised accounting services crafted to meet your specific needs and drive business growth.
Don’t hesitate to contact us if you’re ready to streamline your financial management with tailored solutions. Your business’s success is our primary focus. Fill in the contact form or call us to book an initial 30-minute chat.
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