Christmas parties are just around the corner, the office is buzzing with festive chatter, and there’s a general air of winding down – but have you started planning for next year?
For business owners like you, now is the perfect time to be thinking ahead.
2025 is not far away, and if you’re not already laying the groundwork, you may find that later endeavours falter and fall apart.
Your planning shouldn’t just be about setting goals – although those are important – you should also be reviewing the nitty-gritty aspects of your business and ensuring those targets are achievable.
Obviously, as accountants we’d recommend you start by reviewing your financials first.
Do you have a clear picture of your cashflow for the year ahead?
This should be a priority.
Cashflow forecasting isn’t just about seeing whether you’ll have enough money in the bank – it’s also about preparing for potential shortfalls and ensuring you have a buffer to cover unexpected expenses.
You might even consider speaking to your bank about improving your credit facilities while your business is in a strong position.
Cashflow is the foundation of any future goals you might have and gives you the basis for expansion and growth.
Are you making the most of your allowances and reliefs?
Here’s where you start to think about your tax position.
The Annual Investment Allowance, for instance, allows you to claim 100 per cent tax relief on qualifying purchases, such as equipment or machinery.
If you’re planning major investments, it’s worth checking whether timing these before the end of your financial year could save you a significant sum.
Are you planning to grow your team in 2025?
Staffing is something I’d recommend you look at before the new year.
If you’re planning on hiring, you’ll need to factor in recruitment costs, training, and onboarding.
It’s also worth reviewing your existing team structure to see if you can improve efficiency or adapt roles to meet your business’s evolving needs.
Remember, the National Living and Minimum wages are changing as well as employers’ National Insurance Contributions.
Therefore, you’ll need to check that a) you are compliant and b) you are in the best tax position you can be when it comes to staffing.
Are your goals specific and measurable?
Whether it’s increasing turnover by a set percentage, entering a new market, or launching a new product, having clear objectives will help you stay focused and track your progress throughout the year.
You need to pair these with a realistic budget that considers everything from day-to-day operations to growth initiatives.
Try to give yourself key targets on the way to reaching your goals as well as brainstorming the potential risks at each stage.
I know December can feel like the worst time to tackle all of this.
Between year-end chaos and festive distractions, it’s tempting to put planning on the back burner.
But taking the time now to prepare will make all the difference when January rolls around.
If you’re not sure where to start, our team can help.
From cashflow forecasting to tax planning and everything in between, we’re here to make sure 2025 is the year your business thrives.
