As a business owner, wouldn’t it be nice to achieve financial growth in the new year?

Well, preparation is the best place to start, so here are my top five financial preparation tips for businesses in 2024.

1. Evaluate your financial situation. Planning for the future means looking at the present and the past. From your balance sheet to income statements, cash flow, liabilities, and revenue; take a comprehensive, objective view at the state of things.

From here, you can get a clearer picture of your situation before moving on to step two.

2. Plan your budget. Your budget should align with your goals and take into consideration your expected income versus expenses for 2024. Use this to create a realistic strategy and you’ll be well-positioned to make better investments and reduce unnecessary spending.

3. Forecast. Forecasting is the art of identifying future opportunities and how to capitalise on them. With past performance, market trends, and financial data at the heart of your forecast, you can better understand your trajectory in 2024. 

4. Risk management. Risk is part and parcel of business, so carry out a detailed risk assessment for the year ahead. Identify potential issues in the market and your business, as well as wider societal factors. Have mitigation plans in place for all of them to reduce risks in advance rather than after they’ve already affected you.

5. Scenario planning. A plan is well and good, but you aren’t Mystic Meg. Prepare for different scenarios that might affect your growth plans and have backup ideas in place. These shouldn’t just be in place for negative scenarios, either, and you should make resources available for achieving and not achieving your goals.

How to set goals and stick to them as a business

When it comes to planning for the new year, you also need to consider your business goals. Unrealistic goals might as well be pipe dreams, so how do you set achievable objectives for your business in 2024?

Meet with your team members

Start with a meeting between your staff and business partners, outlining where you think things went well in 2023 and what you’d like to change in 2024. Encouraging communication and collaboration is a sure-fire way to succeed with your goals, as people in your business are more invested in achieving them.

Delegate tasks and check in regularly

Next, it’s about delegation and making sure the right team members are matched with the right projects. Checking in is also hugely important throughout the year, as it lets you know if people are on the right path or not.

Take action

If things aren’t going to plan, it might be time for some tough calls regarding your team members. It might also be a case of you doing more, be it securing more funds, resources, or expertise to help you achieve your objectives.

How I can help your business

At ACE Finance Director, we help you move forward with confidence in 2024. With an objective, expert view of your financial situation, we have the tools and expertise to help you achieve growth in 2024 and beyond.



If you’re keen to find out more, drop me a message on LinkedIn or email info@acefinancedirector.co.uk.