Setting 2022 Financial Goals for your Company
To achieve great things, two things are needed; a plan and not quite enough time. -Leonard Bernstein
As you look ahead to what you want your company to accomplish in 2022, you may think that having “not quite enough time” pretty much happens on its own. And you may be right. But a plan – now that requires being intentional. And it’s not enough to have a vague idea of your hopes for the coming year. To build a successful financial plan for your company in 2022, consider the following:
According to Justin Goodbread with Financially Simple, meaningful business goals need to be SMART— specific, measurable, attainable, repeatable, and trackable. Keep this in mind as you develop next year’s plan. Also, consider that though you want your goals to be attainable, you also want them to be challenging. Otherwise, you may not take them seriously and could abandon your plan.
Count the Cost
Of course, you want to increase revenue to grow your business in 2022. But, as you consider new revenue streams, evaluate the expenses you will incur generating that revenue. Otherwise, you could find yourself working harder for the same profit.
Divide and Conquer
To pace your business for success, determine your goals, such as an annual revenue figure or the number of new clients you want to gain for the year. Then, divide that figure by 12 to give you a bite-sized monthly target. Adjust these monthly figures to account for slow and busy seasons, and you have an excellent tool for keeping you on track.
Trends to Consider
As you are making plans for how you want to take your business to the next level, it is wise to keep an ear to the ground for current trends in the accounting business. According to Astrid Eira (FinancesOnline), some trends to consider for 2022 are:
- Automated Accounting Processes. Utilizing automated accounting processes can free up time to focus on higher-value services such as audits, analysis, and consultation.
- Outsourcing Accounting Functions. Many companies are choosing to outsource additional accounting tasks, increasing the opportunity to generate more revenue for your company.
- Cloud-Based Accounting. Increased accessibility to data can result in quicker solutions for your customers, which builds value for them and gives you the ability to add clients and increase revenue.
- Advisory Services. Offering advisory services instead of compliance services allows your company to gain revenue. Advisory services are value-based and avoid the price shopping common with compliance services.
- Remote work. According to Robin Barrett, author of Work from Home While You Roam, remote workers are more efficient, less expensive, and 43% less likely to burn out than traditional employees.
Prioritize Personal Development
It may seem that money spent on conferences and other training is strictly overhead, but, according to Indeed, training increases productivity, reduces the need for supervision, and boosts morale. Sam Holzman at Bizzabo points out, “Once your employees return [from a conference], they will likely be more productive than ever thanks to their newfound motivation and inspiration.”
And with the rise of AI, Big Data, and blockchain technology in the accounting field, keeping your staff’s skills current is increasingly vital.
Recruit Quality Talent
At Robert Joseph Group, we provide an exhaustive interview and pre-screening process by former practicing CPAs and placement directors with senior executive-level business backgrounds. Contact us today, and we’ll help you put together a talented team that can implement your plan for 2022.