As 1999 arrives we are reaching the time when people plan their resolutions for the year ahead.

Some of these business resolutions ought to be at the top of every businesses list.

l Revisit your budgets. Budgets prepared against a more encouraging economic background may prove to be a dangerous guide when the economy becomes less certain. It may be prudent to reassess your budgets in the light of current events and expected short-term outcomes. If you do not have a budget then this is the time to prepare one.

l Cash flow. More businesses fail due to poor cash flow than lack of orders. This is the lifeblood of business. Examine ways in which you can improve your cash flows.

l Untimely management information. Relevant and timely management information is an essential management tool. Look at ways in which you can improve the quality of your management information. There are some very cost-effective computer software packages on the market which could help you.

l Plan and organise. When times are good, previously sound commercial and economic procedures can become sloppy. Review what is happening within your organisation to ensure that productivity and efficiency are high and wastage low. Now would is a good time to take a look at the structure of your operations.

l People. For most of us in business, our people are one of our major assets. Review your people policies to ensure that you recruit the best and, more importantly, retain them.

Mike Peel is managing partner at Broadhead Peel Rhodes accountants of Pudsey.

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.