WE are now a few weeks into a new calendar year and it is a time when many people take stock of their lives.

A New Year can mean a new start. It is a time for contemplation and for reviewing what we have achieved, what we have learned and what we need to improve on in 2005.

I talked last year about business planning and now is a good time to start.

To begin with, we could write down our goals for the year ahead. These goals, both personal and business, will then be incorporated into the business plan. Fewer than 40 per cent of owner-managed businesses have a written business plan. Yet research shows that those businesses that do have one usually generate 40 per cent more profits than those which do not.

Now is a good opportunity to look at future strategy, team recruitment, career development, product ranges, client care and the business structure that will deliver the vision for your business.

We also need to plan to ensure that there is a smooth transition from how we did things in 2004 to the way we want to do things in 2005. Change can cause fear, so we need to reassure people within your organisation that change is a good thing.

This year I will once again be discussing topical tax issues. However, I will also be touching on general business advice.

A business adviser cannot tell you how to run your business, but can help you to improve your business.

My first final thought for this year is a very relevant saying for this time of year - "The best way to be able to cope with the future is to create it for yourself." Be creative!

Updated: 09:37 Tuesday, January 25, 2005