The new financial year is almost upon us and July is a fantastic time to plan the year ahead for your business.
Without a doubt our most successful clients are those that set financial goals for their business each year and monitor their progress towards them.
Conversely, the businesses we see suffer the most are those that don’t review their trading results regularly, and react slowly when things go wrong.
Most cloud based software these days (including MYOB & Xero) have the ability to create a profit and loss forecast, which shows the expected revenue and expenses for the business and also the likely profit.
At Tactica, we create these forecasts with our clients and help them to understand how much revenue is required to generate the profit they would like to achieve. We also discuss strategies on how owners are going to hit their revenue targets, and hold them accountable to implementing these strategies.
Once the forecast is in place we meet regularly to make sure the actual results of the business are in line with the forecasted results. If not, quick decisions can be made to get things back on track.
We commenced working with one of our clients in the professional services industry a couple of years ago. The company was in a loss position at this time. We began monthly management accounts meetings with them where we created forecasts with them and created strategies to hit their revenue targets and held them accountable each month. They are now expecting a $300,000+ profit for this financial year which is a fantastic turnaround.
So, if you want to hit the ground running and have the best chance of success in 2022/23, please call Mark or Daniel at the office on 9387 5637.
