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29 Jul 2019
New financial year, new business plan illustration

New financial year, new business plan

With the new financial year well underway, the businesses most likely to be successful tend to be the ones that have a strong business plan. Now that the dust has (mostly) settled from the end of financial year flurry of activity, it’s important to sit down and review your business plan for the year.

Even if you have a strong plan and you’re executing against it, you should formally check in with that plan at least every six months to ensure it’s still relevant, achievable, and will deliver according to your growth goals.

If you don’t already have a plan in place, now is the time to develop one. In doing so, it’s important to focus not just on how you can increase revenue but also on how your business can make a difference through actions like ethical sourcing or choosing environmentally-sustainable options.

As you consider your business plan for the new financial year, here are five key areas to review:

1. Future-proofing your business

As the future of work continues to be characterised by increasing levels of digitalisation and mobility, it’s essential to ensure your business can keep up. Attracting and retaining the best talent will depend, at least in part, on being able to offer employees access to digital tools that make their jobs easier. This means providing flexibility through mobile tools and facilitating collaboration through enterprise content management tools.

2. Updating your equipment

While your existing equipment may seem like it’s working just fine, the truth could be that it’s costing you time and money. If you haven’t upgraded for some time, now could be the right moment to consider updating your equipment. The latest devices offer increased productivity and efficiency, and are also more environmentally sustainable due to lower energy consumption.

3. Optimising your printing

You could be surprised by how much money you can save by optimising your print environment. This can include consolidating your printer fleet, using pull-printing capabilities, and setting print policies that reduce wastage. With a managed print services contract, you can also eliminate the burden that comes with supporting and maintaining printing infrastructure.

4. Digitising your processes

Many businesses are stuck in a rut of manual, paper-based, workload-heavy processes that cost time and money. By digitalising processes and automating them where possible, you can cut down on the time spent pushing paper around and redeploy staff members to areas where they can add more value. This can contribute significantly to your growth objectives.

5. Choosing better suppliers

If you run the numbers, chances are you could be getting a better deal with a different supplier. However, there’s more to great supplier relationships than just cost. One of the most critical areas for many businesses to consider is ethical sourcing. In December 2018, the Modern Slavery Act was passed. It requires large corporate entities to report annually on their actions to address modern slavery in their operations and supply chains. While it may be impractical or unaffordable for smaller businesses to do the same, it’s still possible to do your part to help end the scourge of modern slavery. This includes doing due diligence on your supply chain partners to ensure they comply with ethical sourcing best practices. Choosing suppliers based on their commitment to this goal can help your business stand out to your target audience.

As you set a course for your business this financial year, keeping these five considerations in mind can help you reach the next stage of growth. To find out more, contact us today.

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