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Why looking back is as important as looking forward

Why looking back is as important as looking forward

by mike tombs
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We are always being told not to look back. “Don’t look back, you are not going that way” is one saying that I come across often. However, the problem with that is this; only by looking back and seeing what happened and learning from our mistakes are we able to move forward taking with us the lessons that we have learned, so that we can do better, achieve more, increase our growth and improve our businesses.

As we get towards the end of the year, it is important to reflect on the year that has passed, before you make plans for the forthcoming year. For example, if you have run five marketing campaigns throughout the year, it is important to know which of them has been successful, so that you can use that information to plan your campaigns for next year. If you have made small process changes to improve your overall effectiveness, it is important that you review what you have altered so that you know what you still have to change.

The information that we learn from what we have done, will make our choices going forwards more informed, and less about guesswork. To a certain extent, we should be doing continuous assessment throughout the year, and this is one of the things that it is important to look for in an accountant. There is little to be gained by being told you haven’t made enough money at the end of the year; you need to know this as it is happening. However, the end of the year provides a natural pause, where we can look back and see what we have achieved and how we have achieved that. It is this information that we should carry forwards into our planning and strategy for the forthcoming year, building our plans on good foundations, not on the failures of the previous year.

Accounting involves looking back and using that information to help you plan your moves going forwards. For an accountant that does that and more, why not take a look at our Business Builder Club? We work with businesses to provide support and advice so that you can grow your business your way. For accountants who do more than just file your tax return, visit TLA Business Services today, or call us on 01905 21411

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