We are continuing on with CPA Australia’s tips for Small Businesses – this is the last tip in the series.
Tip 5 –Review your business plan for the changed environment
If business conditions change, it is good practice to revisit your business plan and budgets and amend them to reflect current circumstances.
We therefore recommend businesses should:
ü review the assumptions underpinning your business plan and, if those assumptions have changed, amend your plan to reflect such change
ü evaluate performance and incorporate strategies to improve performance in the business plan
ü reflect your amended business plan in your budgets and forecasts
While businesses may experience uncertainty, opportunities will still emerge. Do not turn a blind eye to such opportunities if they are consistent with your strategic direction and can be properly funded. You may also need to create opportunities, such as by seeking out new markets. A recent survey shows that Indonesia and Malaysia are economies with very high business confidence that could be markets for your product or services.
Sound like too much hard work – or that we are speaking a foreign language? We can help you!
If you’d like further information – or would like to discuss whether this tip is relevant for your business - please do not hesitate to contact your accountant.