Look back before you step forward

THE new financial year is just around the corner, which means it’s the perfect time for the business community to reflect and refocus and get ready for the successful 12 months ahead.

However, before you look forward, it is important to look back.

Is your business on track, and did you achieve last year’s goals?

Did you meet your performance targets?

What obstacles did you face and overcome, and how can you learn from previous challenges and successes?

When reflecting, make sure you consider both internal and external factors, including your finances, sales performance, resources, marketing, customers, employees, suppliers, competitors and industry environment.

A SWOT analysis (strengths, weaknesses, opportunities and threats) is a great way to clearly analyse and categorise what you need to work on and what you can capitalise on.

Next, it’s time to create goals for 2017-18, while ensuring they support your overall business plan.

Make your goals specific and measurable, for example, improving customer satisfaction by 25%, simplifying business processes or decreasing your operating costs by $5000.

Your budget can have a big impact on your goals, so don’t forget to start tackling it early. Accounting software can help you stay on top of your books and cash flow, or even try an online budgeting calculator.

With continuous advancements in the digital world, it’s important to keep your finger on the pulse and consider how your business could adopt new technologies to stay ahead of competition.

According to Suncorp’s SME vs Me Report, businesses that use online or digital tools are more confident in reaching their medium-term business goals.

Cloud-based storage, mobile-friendly websites and social media are some possible initiatives to consider.

What good are resolutions if you don’t stick to them?

There are several apps and programs that can help you keep an eye on the progress of your business.

It can also be worth seeking guidance from your accountant or bank manager to help you stay on track.

It’s important to keep your finger on the pulse and consider how your business could adopt new technologies to stay ahead of competition.

For all your banking needs, visit your nearest Suncorp Bank branch or phone 131 175.