Top 5 Financial Moves to Make as 2016 Begins

Most business owners will spend the majority of their time preoccupied with the internal factors that contribute to their company’s health.Negotiating with supply chains and dealing with employees is a day-to-day part of the job, but it’s equally important that you also keep your mind on the bigger picture and consider how changes on the outside, often outside of your own control, can be affecting you Almost every industry is made up of multiple companies selling similar products or services. Richard Brandon once noted that, “If you want to be successful in business, you need to welcome your competition with open arms – just don’t let them walk all over you.”Focusing all of your energy on what the other companies in your industry are doing will inevitably lead to your own company’s output falling.You need to instead strike the balance between being informed on their products, yet still remaining mindful of what’s happening with your own team. After all, the grass isn’t always greener on the other side.Socioeconomic factors include everything from legal or political law

changes to economic effects.For many entrepreneurs unfamiliar with running a company, these aspects can be easy to overlook. For instance, government restrictions on overseas trading has the potential to have a devastating effect on your supply chain.Meanwhile, Touch Financial recently reported that the current inflation rate is still below the targeted 2% of the current government, which could affect your plans for capital expenditure and increase the cost of production for goods.The winter holidays are a nice memory for most of us. It’s been a week since we started the new year and it’s time to think about what financial moves to make in the following 12 months. Time to plan and start achieving our goalsI know the new year just started and we’re full of hopes and dreams. Yet it doesn’t always work like this.Back in January 2009, we were celebrating New Year’s Eve in Croatia, with my dear sister-in-law and her husband. While they’re my husband’s ‘real’ family (she’s his sister), I always felt as a family member to them and they are both great people. You can imagine we had HUGE hopes for that year, since it started out so nicely.In 7 months time we were both jobless and I was also going through a cancer scare.Yes, it did all turn out well, eventually: my biopsy came out clean, I took my small web design business seriously and finally met my husband’s friend who’s living in NYC together with his dear wife and beautiful daughter. They were our family 3 years in a row, as we spent 6 months each of the following year in their home.