The new year presents both opportunities and challenges for the dynamic business world. However, to be successful in 2024, you need to make well-informed strategic decisions that move your business forward.
To help you achieve that, we discuss three key areas you can focus on to improve your decision-making skills and protect yourself against an uncertain business landscape: harnessing technology, focusing on data-driven reporting and finding a financial adviser who prioritises you.
Embracing technological advancements
In our digital era, staying ahead of technological trends is vital for business success. Embracing innovative technologies not only enhances operational efficiency but also opens doors to new possibilities.
Save time with automation
Cloud accounting software like Xero or Sage can allow you to automate a whole host of tasks that would otherwise take a lot of time to complete, such as year-end accounting, bookkeeping, payroll and bank reconciliation.
Reduce errors
By mastering these technologies, you can also create financial reports, including cashflow forecasts, to help you plan ahead. If you’ve automated your bookkeeping, you eliminate the risk of transcription errors, which can result in more reliable reporting.
Customise your software
And let’s not forget that cloud software offers multiple integration options. You can often connect with a range of other applications, including stock management tools, CRM systems and payroll.
Boost productivity
So how does this help you to make better decisions? Quite simply, it means you’ll be working faster, increasing productivity, reducing costs, and allowing you to focus on the more strategic and creative aspects of your business.
Knowing your numbers
In today’s uncertain business landscape, having a clear understanding of your financial metrics is essential. Comprehensive financial analysis provides insights into the past, present and future health of your business, aiding in effective decision-making.
Make data-driven decisions
You can begin by regularly reviewing your profit and loss reports, balance sheets and cashflow forecasts to understand how your business is performing. Keeping an eye on your annual budget can also help you measure your progress throughout the year.
Predict the future
Better yet, you can use your data to create multiple forecasts based on different future scenarios such as slower sales in March or higher inflation figures than expected, etc. That way, you should be ready for any eventuality that hits – positive or negative – so you can be ready to make the right business decisions.
Harness technology
As we wrote above, robust accounting software can help you create these financial reports and analyses. These technologies not only save time but also reduce the risk of human error in your reports.
Leveraging business advisory services
Hopefully, we’ve demonstrated how to make better-informed business decisions in an uncertain business landscape. However, it’s always best to seek expertise before making significant changes to your strategy.
Fresh perspective
A financial adviser will listen to you providing a fresh perspective and strategic guidance to help you steer your business in the right direction. They can make sense of your financial reports and build plans based on your past financial data and external factors.
Industry insights
In some cases, you may just need a second pair of eyes to ensure that your plan is watertight, but an adviser can also offer a wealth of experience and industry insights.
Mitigate risk
We can assist in developing tailored strategies, assessing risks, and identifying growth opportunities. Our advisors also can guide you in creating contingency plans, ensuring your business remains resilient in the face of unforeseen challenges.
See the bigger picture
Finally, using business advisory services can also give you access to valuable networks and resources. Having a trusted advisor by your side can be a game-changer in making well-informed decisions for your business.
Get in touch to speak to an expert business adviser.