BUSINESS PLANNING TOP TEN
- Revisit your business plan. Does it still apply to your business goals and aspirations in the current pandemic-affected market?
- Ensure you set aside time to review and update your goals through the coming year.
- Consider your cashflow requirements for the year including re-paying any loans taken out during the pandemic and any investment needs.
- Review employee benefits and ensure they are up to date and fit for purpose, particularly consider wellbeing and support for your staff.
- Be aware of a variety of ongoing and new scams as criminals take advantage of the current climate. Look out for HMRC scams and property ownership fraud.
- Look into your current cyber security and IT processes and structures. If you are using cloud-based software and data, ensure that you have adequate protection. You may want to consider using Cyber Essentials as a useful tool.
- Think about capital expenditure for your business as part of your plans, especially considering the current favourable tax environment for capital allowances.
- Review your pricing and make sure you are demonstrating the value of what you are offering to your customers and clients.
- Review your banking relationship, ensure it is fit for purpose and providing you with what you need at the moment. Be sure to discuss and identify any future funding requirements.
- Consult with your current suppliers and identify any potential challenges they may have in supporting you over the coming year.
