Why planning is critical to your business

Why planning is critical to your businessWould you swap your £5 for my £10?

I’ve written a lot about planning lately. On the Meades Group website there are blog posts, videos and downloads about every type of planning that you could possibly need to do in business. We have tax planning, remuneration planning, personal income planning, business planning and even a little about life planning.

You might ask why, as an accountant (historically: an after-the-event number cruncher), I would be so seemingly obsessed with planning. The answer is simple: I am not a historical, traditional number-crunching accountant. I also love the fact that modern cloud-accounting gives business owners a powerful looking-glass into their futures and allows them to see, understand and plan a pathway to their goals.

That is why I love planning!

So why the exchange a fiver for a tenner question?

While I love the idea of planning and seeing exactly what needs to happen so that tax bills can be met, efficient salaries and dividends can be drawn, sales and profit targets can be beaten and business owner’s dreams can be fulfilled, I realise that not everyone is like me. Most business owners (I might even be bold enough to say ‘all’) are interested in the results I listed above – but few are that keen on doing the calculations first.

That is where smart, modern, cloud-competent, forward-thinking accountants become so critical. Yes, I will charge you for the service (I have business targets to achieve too), but I promise you one thing. Unless I can use my knowledge, passion and expertise around planning to make you more money than it costs me to build your plan – don’t use me.

Only an antiquated, grey-suited, calculator-and-a-spreadsheet accountant would expect you to pay them for a service which does nothing to help your business grow.

Smart decisions do not have to be difficult ones!

In my experience, as a business owner – not just as an accountant, I believe that it is always worth spending money to save or increase my own time and money. And that also goes for the time and value of my highest paid team members and any other operational efficiency within the business.

The logic is simple. If I can purchase software or outsource a task that saves one of my team more time than it cost me to pay them to do that task – why wouldn’t I do it? I make a rule of only ever employing enthusiastic, positive, happy, friendly staff (who genuinely want to work here) so I know that they will enjoy doing the more engaging, less-automated tasks a lot more anyway. I simply cannot lose.

So get smart and focus your team on what they do best.

If you love planning – PLAN

My personal opinion is that all business owners should be involved in their business planning. It is critical to their business’ success, as well as their own. I understand that some don’t really enjoy that side of the business, but they should at the very least be involved. So, if you love planning – dive right into the centre of yours. If you don’t then either leave it to us completely, or let’s sit down and work through it together.

Either way – I promise you that a clear plan will get you to where you want to be faster than not having one at all.