What will the new financial year bring?
The new financial year is right around the corner, so this month we are focusing on helping your business focus on strategic budget planning. A new financial year is the perfect time to reflect upon last year’s strategy and analyse where changes can be made to ensure success when the start of the year begins.
Each and every business knows the pressure that needing to deliver against strong targets brings. Through our March content, we want to help relieve some of that pressure by providing tips on budgeting and how to streamline your processes by properly utilising the construction industry intelligence that you have access to.
Within this blog, we will be outlining the importance of strategic budget planning along with the benefits it can bring to your business. We will also be sharing 3 top tips when it comes to budgeting.
The importance of budgeting
It is easy to get bogged down with the day-to-day procedures in business and miss the bigger picture – We’ve all done it! However to create a successful business, you must produce and manage an effective budget.
There are many benefits to budgeting, however, the main benefit is the direction and targets it provides, which will ultimately help your business grow. Further benefits include:
- Improved clarity and focus
- Comprehensive financial information to base your decisions on
- Greater confidence in decision making
3 top tips
These goals are applicable to any business, therefore we will here look at how they can be adapted and implemented for your construction business.
Take a step back
Take the time to reflect on the last 12 months and uncover the insight which will help develop a new budget that is geared for success.
Similarly, your marketing team should know the ins and outs of what campaigns worked well last year, and why they did. Paid advertising is a necessity in today’s marketing world, but are you putting your spend in the right places? Find out which channels worked best in 2021 and build a strategy that more heavily features those channels this year.
Maximise your resources
Within your business, you have a plethora of resources. But which is the most important? Your staff. Utilise and invest in them. Without a buy in on your ideas from your staff, your plans aren’t going to achieve the success that they would do otherwise. Ensure that your team agree with your approach, and then reward them for successfully carrying out tasks that adhere to your budgeted plan.
Whether it be measuring how many new relationships your business development team have created with key decision makers on projects; or how many upsells your staff have achieved with current customers, putting staff rewards within your budget is a vital expenditure that will pay dividends in the long run. Rewards don’t always have to be financial either. If your staff hit their targets, plan in time for them to be out of the office for half a day a month, perhaps, in order for them to know that you value their time, as well as their business acumen.
What can Barbour ABI do to help?
Here at Barbour ABI we want to help you plan for success in the new financial year, which is why we are offering a free 20-minute planning session with our in-house built environment experts. Throughout the session you have the opportunity to share your targets for the new financial year and together we can devise a plan on how the turn these growth plans into a measurable reality.
With access to the strongest intelligence and sales leads in construction, we can show you how we drive objectives such as: better sales, revenue growth, competitor insight and so much more.