It’s that time of the year again where we have all made some New Year resolutions and we are hopefully changing some habits! Now is also the perfect time to make some changes for your business too. Below are four questions to help you plan for the new year:
1. Are you happy with your business structure?
A new year is a good time to start afresh, maybe you’ve been thinking about it for a while but just haven’t had the push to follow through. Review your business and see if you can find aspects that you believe could be more efficient. There’s always ways to improve, now is your chance to get there!
Would outsourcing solve your problem? What about a new accounting system?
2. Are your financials in order?
Review your assets – are they being accounted for correctly? Was there a sale that was missed? Keep on top of your business so it doesn’t run away from you later.
Chase up the debts – It’s a new year, you don’t want old debts to hold you back. Get in touch with your suppliers / customers and try get payments made. We have a great blog that covers this – Our Top 6 Tips for Debt Collection.
Plan for your expenses – don’t forget that the money in your account is not always able to be used. Be aware of your incomings and outgoing costs. That way, no costs can take you unaware. Always make sure you can pay your debts as they fall due.
3. Do you have goals you want to meet?
Maybe you have a revenue goal you want to meet each month, or a salesperson target? Well, it’s time to plan and hold yourself accountable. Create a budget at the start of the year and see if you can meet it. If you don’t, why not? What went wrong? Try to understand your business and where you want it to go.
4. Were there any law changes?
The law is always changing, you don’t want to get caught out and penalised if you can help it. Ask your bookkeeper and accountant and keep up to date. There are often changes due 1 April this year specifically about minimum wage so set yourself reminders ahead of time, so when the time comes you aren’t caught unaware! Payroll especially needs to be reviewed as due to the increase in minimum wage, some salary earners could be below that threshold.
We are done!
Hopefully these four questions will encourage you to review your business and make some informed decisions. Don’t let the fear of change hold you back and if there is anything you would like to discuss further or would like a hand with please call the team at 3rd Arm Admin on 04 2329199 or fill in your details below and we will be in touch.