The new financial year is a great time to take stock of your business. Here are a few things you might consider to help get your business ready for the new financial year.
1. Review Your Business’ Last 12 Months.
Ask yourself a few questions to get an idea of how your business is going; what worked well in the last year? What were the weaknesses? Did the business grow? What changes were useful? This will help you with insights in how to plan for the next year, and where to focus your energies.
2. Set Financial Goals
Every business needs a set of goals that give direction and purpose to the business. These goals should be SMART – Specific, Measurable, Achievable, Relevant, and Time-bound, and should help you and your employees understand what you are trying to achieve.
3. Create a Strategic Plan
A strategic plan will help you put your business goals into practice. The strategic plan will help you determine the steps to take to achieve your goals.
4. Set a Check In Schedule
Set a schedule to check in with your goals and strategic plan throughout the year.
5. Check Your Business’ Numbers
It is always a good idea to annually review your business’ budget. Review your expenses and income, review suppliers and insurance costs, and check that your balance sheet makes sense to ensure a profitable year ahead.
6. Find Professional Help
Many businesses will benefit from an outside perspective to help see the big picture, and provide advice and strategy without personal attachment. This may include reviewing your business structure, tax planning, employer/employee obligations and more.
Vine Accounting is always happy to have business development conversations and help you to achieve your business goals. Contact Vine Accounting today.