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Do you have some great big business goals for this year?
Hi, this is Judi Otton with GrowthCast and no matter what your business goals are, you are much, much more likely to succeed with a strong foundation of good financial management.
If your goal is hitting a certain revenue milestone, you’re going to want to track that along the way, and in addition, there are probably costs associated with that milestone that you will have wanted to put into your budget. You want a budget for those.
You may be interested in launching a new line of business. That’s my goal for this year. In which case you’re going to want to analyze, what are the costs to do this? What am I anticipating making? The way that I’m doing this actually is I have a worst case, nominal case, best case, scenario. As I analyze this new line of business and think about what I’m spending, and what I’m investing to launch.
Do you want to pay down debt? There are smarter ways and less smart ways to do that. So make sure you’re really being thoughtful about that.
Do you want to improve your profitability? This is a big one and being able to slice and dice that on a product or line of business or even customer type, is going to help you see what is most profitable and where you can make changes.
Another big one is key hires. Many businesses I know are holding back, but some really are interested in making some key hires this year and having a budget and doing the analysis of when the right time is both from a need and an affordability perspective again, is going to make you much more so successful.
If you have another business goal, put it in the chat and I’ll give you my two cents on how you can make that even more likely to succeed, and if any of these are your business goals, please take a look at our Fiscal Fitness Boot Camp. This course will give you a very strong foundation in financial management.
This is Judi Otton with GrowthCast and I’ll be back next week with a new Fiscal Fitness Tip of the Week.