While the rest of the world makes New Year's resolutions on the the first of January, business owners might find it more appropriate to enact positive changes in July instead. The start of the financial year is the perfect time to look critically at your business and set goals for the coming year. There are several things business owners can do to make 2017-18 their most productive financial year yet.
Organise your business bookkeeping
Make 2017 the year you get your business bookkeeping in order. One of the best (and most exciting) ways to do this is by using the right accounting software. Xero's new Squirrel Street add-on allows you to upload your invoices, receipts and documents from your phone or scan and email them to the program.
June 2018 will come quicker than you think, and Squirrel Street keeps all important documents in one place, so you can avoid the headache of trying to get everything sorted in order to file your taxes or prepare your BAS (business activity statement).
— Xero accounting app (@Xero) June 29, 2017
Review your systems and procedures
As businesses grow and change, they need to evaluate their systems and procedures. What worked five years ago might not be suitable now. Everything from the way you do payroll to invoicing and hiring needs to be evaluated regularly. Does a certain procedure seem to take up an inordinate amount of time or cost you a lot of money? If so, it's time to make some tweaks.
Having an expert opinion is a must when you're looking at your systems and procedures.
Having an expert opinion is a must when you're looking at your systems and procedures. Hire a professional business advisor who can review the way you're doing things and make a strategy to maximise efficiency.
Review your marketing strategy
Don't stash away that old financial statement just yet. By looking at your profits and expenses side by side, you can evaluate the effectiveness of your marketing and advertising over the year.
This can be hard to decipher, so one of the best ways for business owners to get an understanding of their marketing and advertising efforts is to work with a professional advisor who can do a full review of everything from your social media profiles to your referral system.
Starting the year off right is essential if you want to get the most out of your small business. At Accountants Australia, our advisors want to see your business grow and succeed. We can help with everything from budgeting and loan applications to evaluating your staff and the reliance on key individuals. Get in touch with our team today to see how we can help you make and keep meaningful Financial New Year's resolutions in 2017.