Proof your business

It’s safe to say that 2016 was a bit of a mixed bag. From Donald Trump’s shock US election win, and the subsequent hit to the Rand, to the Springboks’ worst year ever. 2016 had its fair share of upsets — it’s even merited its own meme.

In South Africa though, the outlook for 2017 is cautiously optimistic. The Finance Minister Pravin Gordhan is even projecting GDP growth of 1.3%. Small businesses will play a vital part in this recovery. It’s essential they’re prepared for the coming year, whatever it brings.

Fortunately, there are encouraging signs. According to research from Xero and World Wide Worx, 58% of small business owners expect to grow in 2017, and half intend to grow sales. Here are three tips to help you successfully weather 2017, and ensure that nothing stands in the way of your success. 

Review your business plan

The most profitable businesses plan ahead. They define their targets, they pursue them relentlessly, and they regularly monitor their progress. But they also remain flexible enough to change direction if necessary.

If you’re looking to start 2017 on the right foot, it’s vital to create a clear plan for your company’s growth. This plan should contain defined goals and milestones. Your plan should also have enough room to account for unforeseen variables and changing circumstances.

Update budget and cash flow forecasts

Establishing a budget before the new year gets underway is an essential strategic move. Knowing where your resources are and how to allocate them will give you a considerable advantage. Without solid budget forecasts in place ...to read full article please click here. Sourced Xero