Budgets have been spent, targets have (hopefully) been met and it’s time to start the process all over again!
Businesses across the country will be reflecting on the last 12 months and setting their goals for the next financial year. This planning is critical to both your long and short-term success, so it’s important you focus your energy and take control of your financial future.
Here are our 5 tips to help you plan for the next financial year:
1. Take a step back
In order to move forward you have to look back. What were your successes? What could you have done better? Can you learn from last year’s story to create a better plan for 2017/18? Use these performance insights to inform your business strategy and create a flexible plan that you can build upon year-on-year.
2. Ask around
In too many organisations, budget planning is controlled by the finance director or CEO. While it is their responsibility to sign-off on the final decision, it’s important to involve people from across your company. Invite your sales team or business analysts to the meeting and see what they have to say. Their insights will make your projections more accurate, and it will make them more committed to achieving your company goals.
3. Maximise your resources
What’s the best thing you can do this new financial year? Invest in your staff. They’re the most important part of your business, and are key to your success in the next financial year. Create a professional development plan for each employee to help them reach their potential. It’ll help you fill any skills gaps so you can build a talented team from the ground up. With the introduction of the apprenticeship levy, you may even have funds allocated just for training!
4. Invest in technology
It’s a fact – investing in smart technology will increase your ROI. It might take a little time and money to begin with, but an effective business software is the backbone of any growing business. There are loads of systems out there – from MIS software to learning and development platforms – so make sure you do your research and find the right one for your business.
5. Maintain momentum
Budget planning is not a one-time exercise – it’s an ongoing, flexible process. So when you’ve finished this year’s financial planning, don’t just file it away for the next 12 months; keep it going. Take time out each week to assess your progress, plan for the future and invest in the resources you need to grow.
This financial year is all about investments: investments in staff, skills and technology – and that’s where we come in!