April is the start of a new financial year for the majority of companies and is a natural point for many to take stock and plan for the next 12 months.
Setting out the stall for the new year provides business leaders with an opportunity to assess what is working, identify where change is needed, ensure the business is resilient in an uncertain macroeconomic environment and put the right foundations in place for growth.
Boost; Lancashire’s Business Growth Hub supports businesses across the county to find the right support at all stages of growth. Our latest Lancashire Support Spotlight highlights five ways business support can help leaders plan effectively for growth opportunities as we begin the new financial year.
1. A fresh start to turn ambition into a clear plan
Many business owners know where they want to get to, but not always the best route. The start of a new financial year is a natural reset point, and an excellent time to define what success looks like over the next 12 months and whether the current plan will get them there.
Business support can help leaders take a more structured approach to planning by helping them take time away from day-to-day activities and focus on the future, including reviewing goals, prioritising activity, identifying risks, or breaking bigger ambitions into manageable actions.
2. Aligning growth strategies with budgets
April is often when businesses confirm budgets, review costs and decide where to invest time and money over the next 12 months. That makes it a practical moment to test whether growth plans are realistic and properly resourced.
Business support can help sense-check those decisions. That might mean reviewing where to focus spend, identifying gaps in skills or capacity, or exploring support that could help deliver priorities more effectively. Businesses can use this point in the calendar to make more deliberate decisions about how to invest in their growth.
3. Strengthening cashflow and financial decision-making
A new financial year often brings fresh targets and important investment decisions. This can prompt business leaders to think about funding, finance options or how to improve financial resilience.
Support can help businesses understand the options available to them and make more informed decisions about managing cashflow, funding growth and harnessing future opportunities. You can see our previous Lancashire Support Spotlight on funding here.
4. Moving to the next stage of growth
Putting a new growth plan into practice means making decisions that a business might not be familiar with, such as recruiting a senior leader, adopting new technology to improve productivity or entering the export market.
Business support can help leaders gain advice, strategies and new contacts and networks to help with specific issues such as these and Lancashire businesses can access a wide range of this support through Boost.
5. The confidence to act
Preparing for growth can also mean making difficult decisions such as moving location or changing focus. For many leaders, one of the hardest parts of planning is finding the headspace to make these decisions and the right business support can assist with this.
Whether through one-to-one advice, mentoring, peer support or workshops, outside input can help leaders pause, reflect and focus on priorities for the year ahead.
A recent Lancashire Support Spotlight highlighted how mentoring can help with this by improving decision-making, providing accountability and giving leaders somebody impartial to talk to as they plan their next move. You can read it here.
Start the new financial year with the right support
If you are reviewing your priorities, exploring growth opportunities or simply want to understand what support is available, Boost’s Business Support Helpdesk can point you in the right direction.
Boost is Lancashire’s Business Growth Hub and has supported more than 20,000 businesses since 2013. Our Helpdesk offers impartial advice and can connect businesses to relevant local, regional and national support, while the Boost website also features a support directory, events and practical insights through its Knowledge Hub.
To find out more, contact Boost’s Business Support Helpdesk on 0800 488 0057 or visit the Contact Us page here.
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