With the end of the year now in sight, this is the time to start thinking about what you want to achieve in 2020. Over the last few years, I have been using a data-driven approach to help GroForth clients establish a sound basis for forward planning.
The accounting software packages that many of our clients now use make accessing realtime financial information easier than ever before. But what really adds value is when you understand how to use this data to enhance business performance—whether that is simply seeing how you are doing day-to-day, keeping an eye on costs, monitoring profitability, understanding who your most valuable customers are, identifying trends, or comparing the performance of your products or services against each other.
If you are not already using accounting software to help you run your business, now is the time to consider investing. Entry level accounting packages typically cost around €20–€50 per month —less than many businesses spend on marketing—and can make a big difference to your efficiency.
It is not just that these packages make issuing sales invoices, record-keeping and running the business easier, allowing you more time to concentrate on revenue-generating activity, it’s the analysis and insight that up-to-date financial data puts at your fingertips. When you understand how to leverage this data, you can really begin to add value to your business— setting realistic targets and monitoring your progress towards achieving them in realtime.
Now is the time to check that you have a good financial framework to assist your 2020 planning. That way, whether you want to expand your business, consolidate last year’s achievements, diversify, merge with another business, or even sell up, you’ll give yourself the best chance of achieving your goal. If you need information and/or advice, contact our team for assistance, simply email us at firstname.lastname@example.org or ring our office on 01 905 9436.