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No one starts a business with the objective of failing, but do they start with a clear objective of HOW they mean to succeed? Your business journey requires direction, so find out how to plot your road map to sustainability and business success.

Setting goals is critical in establishing a way forward and for the how and where you are hoping to take your business. Whether you are looking to increase production, improve turnover, or a create a leaner operation, these goals will determine the road ahead. With a clear vision of where you are going, even if that road is long and windy, your business will find its way. To learn how to navigate business’s ups and downs, read MORE.

No one embarks on a journey without a final destination in mind. You wouldn’t get into your car to go somewhere and drive aimlessly without consulting your map or GPS first, or arrive at the airport without a ticket, hoping to hop on a plane to… anywhere.

So why would you start a business and simply hope for the best - that you will stumble upon success or find your way through the myriad of challenges and obstacles, without knowing in which direction success lies?

Planning a proper course for your business can mean the difference between success and potential failure. Specifically, defining a financial road map for success will help business owners make the best and most appropriate operational and investment decisions, as you move through the different stages of development of your business.

In its early stages, you may need more capital investment in equipment, and later on to allocate more to human resources as you recruit more staff. A business should always have a vision, with goals, but equally should be agile enough to adapt to changing circumstances. You may discover that there are seasonal variations to sales patterns, unexpected operational expenses that put pressure on cashflow and adjustments will be required to your budget, but with the right financial planning, your business should be able to navigate these bumpy roads.

At the centre of your business are your financial systems and processes. All other business activities converge at this major intersection, from research and development, sales, operations, IT and all the other departments that make up your particular business. The financial functions of your operation are a core competency that need to be in place at the start of your business journey. Making payments and collections, managing cashflow, creating financial reports that measure performance, and data analysis that informs future strategic direction – all these flow from the finance department.

When setting up your business and mapping its way forward, it is important to invest in financial systems that will take you there. Choose the most advanced technology that suits your sector’s activity and your business’s stage of development. It should be scalable to account for the future growth of your enterprise, which, with the right vision, the right processes in place and a clear idea of where you are headed, should be a given.

Striking the right balance between people, processes and technology through the entire business structure will enable you as a business leader to drive and guide the business forward, and to follow the road map you have set out for yourself, even with deviations to the route along the way.

Start your journey to a new legacy now.