Be patient and plan ahead for 2020

Plan ahead for the New Year. Patience is out of fashion in the modern world. It tends to suggest passivity, tolerance and even resignation. We believe now more than ever; patience is vital for effective business performance!

2019 has been a difficult year for the economy and the political uncertainty with Brexit and the constant argument amongst politicians has done nothing but add disruption to business planning.

The prospect of a no deal Brexit refuses to go away and is just one of the factors that is making Europe look uncomfortably close to technical recession. German manufacturing has shrunk because Chinese companies facing tariffs on exports to the United States are reducing purchases of German-made machinery – while German car companies are reluctant to invest given Mr. Trump’s threats to impose tariffs on German vehicles sold in the United States. Reduced German consumer spending contributes to weakness in other European economies like Spain and Italy.

So, what’s the big picture for 2020?

The global economy is slowing down – but although some nations are suffering economic shrinkage, the trend seen by the World Trade Organisation is still one of growth, albeit subdued. If the current trade wars can be ended in an armistice, the global economy should recover quickly.  Most economists say a global recession remains unlikely, but it makes sense to get expert help to prepare for a future that is full of uncertainties – and this is where a business plan for 2020 can help you set your targets and drive your business forward!

Writing and implementing a clear plan to drive the growth of your business is essential and probably the single most important thing you can do in January. The three main benefits are:

  1. Planning helps you by providing guidelines and goals for future decisions.
  2. It helps you exercise more control in a situation, establish goals ‘proactively’ and consider contingencies.
  3. It can help ensure a set of actions are implemented that are consistent with your values and priorities.

So how do you start this? Firstly, take some time in early January to document your personal objectives such as income, time away from work, health etc., and then look at what your business should be doing over the next year. Consider:

  • Turnover
  • Products/Services
  • Market Position
  • Costs
  • Profit
  • Customer Services
  • Quality and others

Have a good think about what your business will look like in 12 months time and then write down some targets.  Measure these monthly, know your key performance indicators and be prepared to change direction now and again!

If you are thinking of writing your 2020 business plan, please talk to us. We have some tools and templates that may be of use and we would be delighted to sit with you and help to formulate your plan.

Need more information?

We wish all of our clients a happy and successful new year. We look forward to working with you in the new year and if you need any help, remember we are always here.  Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

Our fantastic team at A&C Chartered Accountants are here to help.

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