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Use this forecasting trick to help grow your business in 2015

by , 11 November 2014
2015 is only a few weeks away. You need to prepare for the coming year if you want your company to grow. After all, your company, much like a child, needs nurturing and guidance.

That's where forecasting can help you. It will help you prepare for next year so your company can reach new levels of success.

But to get your company to grow and blossom in 2015, you need to do more than just look at 2014's finances. You need to look at every detail.

And that's where this forecasting trick comes in.

Use it and make 2015 a year of growth...

 

Grow your company in 2015 using this forecasting trick

 
Trick: Analyse and compare your company's 2014 growth to that of your competitors.
 
Doing this will help you see how your company performed in relation to the industry you're in. If your company grew in 2014 but not as much as your competitors, it means there's room for improvement.
 
Look at what your competitors do differently and see if you can learn from them. 
 
By identifying why they grew more in 2014, you can try to apply the same steps to your company in 2015. This could make all the difference in terms of giving your company's growth a boost. 
 
Here are four things you need to identify in your competitor's 2014 growth that could help you grow your company.
 
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Analyse these four points in your competitors' growth to grow your business in 2015

 
1. At what time of year did your competitors experience growth?
2. At what time of year did your competitors experience a decrease or lull in growth?
3. Were there any changes in your competitors' business structure that correlate with the growth?
4. Were there any changes in your competitors' product/service that correlate with the growth?
 
Analysing these four points in your competitor's finances and growth during your forecasting will help you work out a strategy that will grow your company in 2015.
 
For everything else you need to know about financial planning for the coming year, check out the Practical Accountancy Loose Leaf Service
 


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