How to Financially Plan for 2021
When taking the pandemic into consideration and the financial impact Covid-19 has had on the economy, we must become financially ‘fit’ for 2021 and be ready for any new curveballs.
Herewith a few pointers to help you stay on your feet for 2021:
On a business level:
- Improve your industry knowledge to stay ahead in the game. Read up on articles and keep your eyes open for what is happening in the industry around the globe. Knowledge is power so follow the trend to stay at the top.
- Budget for battle. Decide on what you want to achieve with your business, what your goals are and work out a plan to get there. Use your budgeting skills and cash flow projections to identify a realistic target and how to accomplish it considering the unpredictability of the pandemic.
- Be brave! Now is the time to put on your thinking cap! Add new ideas to your business. Elaborate on your products and services with exciting new initiatives to keep your customers loyal and interested.
- Now is the time to embrace the digital space! Expand your marketing platform and take your audience for an online adventure.
On a personal level:
- For savings, focus on a percentage and not an amount, especially when your pay check varies. It is easier to stick to a percentage than an amount which might be unrealistic to the ratio of your earnings.
- Budgeting – it is important to know what lies ahead and to identify where money comes from and on what it is spent on. Budgeting also helps to minimise expenses and finding alternatives for expensive items and activities.
- Plan when to file your tax return to manage cashflow. Should you owe money to the government, wait until the official deadline or should you the one to receive money, file your tax return as soon as possible.
- Long term financial planning is just as important- get help and find someone who can get a clear picture of where you stand financially for the future and assist should there be any adjustments necessary.
Want to get a professional opinion or help with planning for 2021? Let’s connect! Our professional team will happily assist and answer your queries.
