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Before you set your 2015 business targets, do this first

by , 11 November 2014
You need to prepare for 2015 before it gets here. It's the only way to ensure 2015 is a year of financial growth instead of difficulty.

Part of this preparation must include setting targets for 2015. But if you create goals and targets without doing your homework, you could end up in financial distress.

That's why you need to do this before you can set your 2015 financial targets...

 

Do this before you set your 2015 financial targets to ensure your business thrives 

 
Before you set any targets for 2015, first look at your ones for 2014. Have you achieved them? What did you do to achieve them? If you didn't achieve them, ask yourself why?
 
This is important because if you set similar or higher targets for 2015 and your business doesn't reach them again, it will cause serious knock-on effects. 
 
If you don't reach your targets, investors will think your company isn't doing well and they could pull out. In turn, employees could see this as a sign that the company might liquidate. They'll jump ship and you don't want this to happen to your company as this kind of breakdown is difficult to recover from.
 
Rather analyse these six things in 2014's targets before you set 2015's.
 
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Six things you need to analyse in 2014's targets

 
1. What kind of targets did you set? Financial growth, size growth, investor interest?
2. Did you completely reach the targets, partly reach them or not reach them at all?
3. If you didn't reach them, why?
4. If you did reach them, how?
5. What steps did you take to reach your targets?
6. What steps could you have taken to reach your targets?
 
By analysing 2014's targets you can set realistic and achievable targets for 2015 based on previous experience.
 
This is help your company grow and prosper.
 
For tips and tricks to help you with your 2015 financial planning, check out the Practical Accountancy Loose Leaf Service
 

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