NEW YEAR MESSAGE FROM IFAC

Business plan time!

Many of you will be writing your business plan for the year ahead for your business.  Others are stuck with new year’s resolutions that last for a week.  Some say you should concentrate on a few things, others want a detailed plan.

I've always gone on the simplistic saying “Our main objective is to be in business this time next year!” 

A few tips when writing your plan

1. It is instructive to look at previous year’s plans. 
2. Small businesses should be growing at 20% each year.  Word of mouth recommendations, reputation and desire to grow all contribute to a figure far in excess of the official government figures of GDP growth per annum.
3. Small businesses are weirdly wired to global events.  Confidence and fear are viruses.  The market is never wrong.  The 30% rise in the UK Market over the last two months coincides  for us - we have seen a similar uptick in demand, and deal flow in all areas.  The same happened in the last three years of 1990’s when the markets doubled, and the golden age for IFAs really began.  You’ve had a good or a bad month?  Check with your closest competitor, and they’ll say the same.  
4. Regulation is your biggest risk, but not for the reasons you think.  The FCA is good for business.  Strange but true. They create barriers to entry, raises prices that customers are willing to pay, reduces competition and raises the profile of the industry.  Your biggest threat is post Brexit de-regulation.  Remember the 1990’s when your customers were getting cold called in the evenings by the men from Allied Dunbar? 

IFAC have made our own plans for the year ahead, and above all, it is to serve you - with gratitude.  

Without your support we have no business, and we plan to work to repay that trust.

charlie.palmer@ifac.eu