Whether you are working on a side hustle, starting a new business, or have an already-established growing business, you want to be sure that your business is set up for financial success. No one enters into a business to lose money, so every business owner needs to ensure that they are setting themselves up to succeed.

Take stock of where you are now

Take some time to look back on the ways you had to do things differently last year. You’ll find some strategies worked surprisingly well and should be included in business plans going forward. And no doubt there’ll also be a couple of ‘never doing that again!’ points. Here are some thought starters:

• Consider your resources – your people, yourself and your collateral. How can you capitalise on these and grow them next year?
• Think about your markets – how have you positioned your business?
• What development or growth programs have worked?
• What financial or social help have you accessed and is it available to boost your position in the next year?

Set up a financial plan

A financial plan gives direction for your business. Once you layout specific financial goals for your business, you can measure your performance against those goals monthly. This exercise gives you immediate feedback on what worked and what didn’t work, so you can adjust your approach as needed. This helps make your business the most profitable it can be.

Consider your budget

Armed with some answers and a practical direction for at least the short and medium-term, your next step is preparing a budget. This lays out monthly income, personal expenses and investment contributions such as property loan repayments and superannuation.

Budgets can and do change as circumstances dictate, of course. But you’ll find that starting the year with a solid budget gives you the opportunity to make informed decisions about where your money goes.

Your risk strategy

Whether it’s moving your business forward or starting from scratch, having a written risk strategy will bring reassurance and clarity to you – and those who depend on you. You’ll take the time to document your level of concern regarding the risks involved in your occupation and business. Then, detail the steps you have or will put in place to protect and provide for you if something were to go wrong.

Having well thought out, objective and realistic plans for 2022 will contribute significantly towards your personal confidence and peace of mind. Get in touch with our team at Meridian Accounting online here to chat about your financial goals for 2022 and arm yourself with the best possible knowledge to succeed financially.