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Here's how your company's 2014 mistakes can make 2015 a better financial year

by , 06 November 2014
If this year has been a very rough one financially, we're hoping 2015 will be better. We're hoping it will be a year of more growth and fewer financial setbacks.

But here's the thing, hope isn't enough. If you want 2015 to be better, you have to learn from 2014 mistakes to make it so.

Not sure what I mean?

Then let me example...


2014's mistakes can help you make 2015 a better financial year

With 2015 just around the corner, you need to start doing financial forecasting. This is where 2014's mistakes come in.
When you forecast, you should use previous experiences or history to predict what the coming year will be like.
But this also gives you a chance to see where you went wrong in 2014 and implement strategies to ensure you don't make the same mistakes. 
But that's not all forecasting will help you do. It will also help you predict financial trends and possible economic movements based on what happened in 2014 so you can prepare for these possibilities now. 
As a result, everything that went wrong in 2014 becomes as a learning curve for your company so you can take steps during your forecasting to ensure they don't happen again.
So when you start working on your forecasting, consider these six things…
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Six things you must consider during your forecasting to avoid remaking 2014's mistakes

1. Did you under prepare for drops in the economy?
2. Did you under budget for certain areas of your business and make a loss as a result?
3. Did you insufficiently control your finances?
4. Did you make unwise investments? 
5. Did you fail to put control measures in place to prevent fraud and theft?
6. Did you prioritise your expenses incorrectly?
If you made any of these mistakes on 2014, learn from them during your forecasting and take steps to prevent them from happening again in 2015.

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