All of a sudden we are a few months into the new year. Have you been so busy you haven’t had a chance to actually prepare for the new year? Here are some of the most important ways that you should be preparing your service station for the new year.
Organise and Prepare Your Financial Documents
There are three main benefits that reviewing your financial documents gives you. Preparing your financial documents shows you whether you are running a healthy business or not–if you’re not, reviewing documents can help you to understand your company’s financial position and health so that you can make the right adjustments. Reviewing financial documents also shows you where these adjustments should be made and how much you should be adjusting. If you are in the market for funding, expansion, or mentorship, reviewing financial documents is most likely required for interested parties to see the financial records of your business.
Create Your Budget
Creating your budget for the following year is an important way to make sure that business runs smoothly in the new year. After projecting your sales and expansions for the upcoming year, you should be creating a detailed master budget that includes your income and expense projections, a cash flow statement, cash reserves and credit availability estimates, debt-service numbers, profit-and-loss statement and balance sheet. Also review any potential tax burden and consider some tax strategies that will help you to reduce your burden.
Review Last Year’s Results
Looking at your income and expenses for 2023 with a variance analysis will help you to prepare better for 2024. If your numbers for this year are different from your projections, figure out why. See which products and services did best at your service station, which locations are thriving the most, and what marketing efforts led to the most return.
Create New Marketing Plans
Preparing your marketing plans for the new year will help ensure that your business runs smoothly this year. Figure out what areas of marketing you should be focusing on in the new year, whether this be social media, content production, or any other form that works for your petrol station. Also determine whether or not you need to hire more staff that can help you plan marketing and if your marketing needs to be changed. Pay attention to what customers have responded well to in the last year.
At ServoPro we are hear to support you and guide you to creating a successful and profitable service station. For more info on how we do that you can contact us here.