The new financial year is an opportunity for business owners to review and make changes to their business strategies and plans. After a challenging 2020, the new financial year is a chance to restore some normalcy and much-needed profitability. Here are a few tips that will help business owners plan for FY 2021- 2022 better:
Have goals for the new financial year
Your new goal for the financial year shouldn’t just be sustainable and profitable but it should also be S.M.A.R.T, which is Specific, Measurable, Attainable, Realistic, Timely. Your plans should be well defined leaving no room for ambiguity and should be conveyed to one and all so that you and your team work together to achieve them.
Plan for eventualities
If we have learned anything from the debacle that year 2020 was, that any and every business, especially SMEs should plan for unforeseen circumstances. Stay prepared with acceptable liquidity to face such unexpected crises. Be watchful of your expenses and restructure your investments in a way that can help you stay financially steady. Also, an emergency slush fund is always handy.
Pandemic has greatly impacted the financed of organizations and many are facing a dip in revenues, incurring bigger costs, and battling a challenging business world. Therefore, it is essential to develop a budgeting process that helps your organization thrive and survive. Plan a budget so you can eliminate unwanted expenses and have resources when needed.
Invest in technology
SMEs business owners often rely on their experience and gut instinct to make business decisions. However, 2020 has driven the point home that technology is essential not just to keep the work process uninterrupted but also to reap the better benefit. Technology helps you function effectively even during situations like the Covid pandemic. For example, Biz Analyst- Tally On Mobile was able to provide adequate support to its users and helped these businesses keep the economy running. Users were able to keep their business functioning while working from home. They were able to use Biz Analyst to analyze their business reports, plan better strategies, follow up on pending orders, payments, manage current and future operations. Those who worked in the field were able to continue working despite being removed from their usual environment and facing restrictions that could hamper their work.
Build a stronger digital presence
Digital marketing isn’t just social media. While social media has emerged stronger than ever, there are some other forms of digital marketing your business should adopt. Email marketing keeps your users informed on your latest offers, new products/services, and upcoming events. Lead generation for your website through landing pages, integrating SEO for your website through content, hosting virtual events, webinars, etc, choosing digital ads instead of the traditional ones will help greatly.
2021 is pushed as the year to restore and rebuild, the next few months will surely be very tough for each business owner. With the right use of use time, technology and data, business owners can prepare well for the challenges that are not far away & also create a winning strategy for the upcoming year.