Goals for SMEs

Business owners are being pushed to give up the business as usual approach this year

Goals for SMEs
Business owners are being encouraged to define and refine their business goals

Business owners are being encouraged to define and refine their business goals this year.

Australia’s largest accounting software provider MYOB has shared tips to help SMEs devise New Year’s resolutions that will direct them towards business success.

Chief Executive Officer Tim Reed says January is the ideal time to reflect and to give new strategies and goals the green light, instead of taking a business as usual approach.

"Operators who commit to clarifying their priorities early in the piece will likely reap the rewards. It can mean the difference between flourishing and floundering," he says.

"When setting New Year’s resolutions, big or small, the first step is to plan. Set some specific and inspiring goals around key areas of your business that you wish to develop. Begin by asking yourself what you will stop doing as well as start doing in 2014.

"Whatever your business goals, such as driving efficiencies, harnessing the power of cloud technology, or finessing your finances, establishing your New Year’s resolutions can help you approach the year with renewed vigour."

Suggested New Year’s resolutions for SMEs

1. Learn from last year’s hits and misses

Place the previous 12 months’ trading under the microscope.

Analyse the strategies that worked, those that didn’t, and work out the ‘whys’.

2. Stay on the business track

A solid business plan will help you make better business decisions about the strategies you need to continue to operate and grow.

If you’re looking for annual growth of 100 per cent, you will need a different strategy to one that shoots for 10 per cent growth.

3. Don’t try to be all things to all people

Avoid micromanaging if you are lucky enough to have employees and delegate intelligently.

4. Grow to love your numbers

Learn about profit and loss statements, balance sheets and cash flow statements and don’t shy away from the numbers.

Making time to understand your financial documents will give you greater control and a clearer picture of your business and its performance.

5. Don’t be afraid to embrace technology

Cloud-based accounting software, convenient mobile apps, online business management tools… Today’s business technologies can save you time and drive significant efficiencies.

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