New Year… Set your sails for 2023

Happy new year from Spotlight Accounting

The world of social media is buzzing with New Year motivational posts, we can like and share these and create more noise, but unless you take action this chapter in your book of life will remain pretty much the same as the last.

My favourite post so far is:

“Don’t wish for better winds set a better sail”

Use the new year to set your sail. You may feel your business is coasting, it may seem like a huge albatross around your neck, does is consume too much time, it may not be as profitable as it should be, it maybe burning cash, or you may be looking for an exit plan but can’t see what that looks like and how you will ever achieve it. All these factors will take the wind out of your Sails.

Use the new year as a time to focus, set your goals both personally and for the business, identify where you need to steer the ship this year, then set your sail. Once you’ve set your sail don’t get distracted keep focused. Only you can make these changes, you are the captain of your ship!!…

Another favourite quote of mine:

“if all you do is all you’ve ever done, then all you’ll get is all you’ve ever got”

One of the biggest factors in making change is freeing up time, this will involve a degree of investment but what is the cost of that time? Can it be better used developing the business and ultimately increasing profitability?

One of our clients has made this decision and we are in effect his finance department, using cloud technology he can access his accounts instantly, he receives management reports each month and knows exactly where he is against plan. Instead of where he was 12 months ago, ignoring the paperwork screaming at him in his office, not having a clue whether the business is profitable, if he’s got an overdrawn directors loan account or if he needs to find some money to pay HMRC.

Alternatively, you may want to exit the business. Sometimes it may all seem too much, or you may want to release some of the goodwill you have built up in the business. The first thing I would question is why you are exiting?

If it’s because it’s all a bit too much, then we work with on a business plan you can set a better sail and get the business to a “franchisable” state. This is the utopia for businesses, when they are not dependant on their owners to function, they are a lot more valuable.

At Spotlight Accounting, we can complete a complementary review to, help set those sails, start getting your business moving in the right direction and ultimately your lifestyle to where you want it to be. To learn more about our accounting services to get you on the right track, contact us today.

Happy New Year… 2023 we’ve got this!!

Carrie Stokes Chartered Accountant

Carrie Stokes Chartered Accountant

I work with directors of limited companies in Shropshire, Staffordshire and the West Midlands giving them a clear and up to date financial picture of their business that they understand. Looking at the numbers, what they mean and how they can be improved to grow their business.

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