The end of the New Zealand financial year is coming to a close on March 31. That’s just over a month away now, so it’s the perfect time to start thinking about your business plans for the upcoming year. One area that should be at the top of your list is financial planning.
It’s time to start creating a comprehensive budget as well as forecast your expected revenue and expenses for the upcoming year. This will go a long way, helping you make informed decisions about your business operations, investments, and processes. By clearly understanding your financial situation, you can create a solid foundation for your business to grow and succeed.
When working on your budget and forecast, consider other factors that could impact your business, such as new products or services, expanding into new divisions or markets, selling a part of your business, or even buying another business. You might also want to consider getting new leaders on board, shifting into group-style ownership for key management, adjusting commission structures or benefits for employee retention, and more.
I understand that creating a financial plan can be overwhelming, especially for small businesses; you’re often too busy getting jobs done to worry about forecasting. Just remember, I’m only a phone call away and can help you buy back your time and walk you through your financial planning.
Don’t wait until it’s too late. The end of the financial year is fast approaching, and now is the time to start planning for the future of your business.
