Get excited, it’s a new financial year and the start of a new business ‘season’.
You should have a clear picture in your mind about where you are headed, and take this opportunity to make sure you’re ready to start the financial year well.
Here are 10 tips to help make sure your business gets off on the right foot:
- Reassess your business finances and make sure you’ve built a realistic budget for the year.
A budget gives you a benchmark to compare your performance against.
The Cube takes care of this very well, just make sure it’s up to date.
- Your operations may have changed, so make sure you review and renew all the licenses, permits and registrations you require for your activities.
Use the Cube Asset and Document Register to keep track of this critical information.
- Make sure your bookkeeper and tax agent or accountant are meeting your business requirements.
These are all activities which can be shifted around easily and outsourced very effectively.
Consider Zerobooks for your bookkeeping needs. That’s who we use.
- Review your business goals, and make sure your marketing plan is delivering for your business.
If not, what needs to change?
Use the Cube Marketing ROI Tracker to get a better picture.
- Check to make sure your business partners: your bookkeeper, accountant, coach, and any other experts you draw on are bringing their A-Game.
Make sure you’re getting great value from the relationships and the fees.
- Make sure you have enough working capital to get you over any cash flow humps for the year ahead.
If you don’t need the money now and your figures are good, it’s a great time to arrange an overdraft or line of credit facility.
When you really need money in a hurry, these can be difficult to organise.
- Review your insurance coverage, particularly if your situation has changed.
You may need to update or increase your cover if you’ve moved premises, employed more people or taken on a business partner.
- Have a look at your customer base. Are there any you’d like to let go?
Who are the 20% of clients who give you 80% of your headaches?
You can’t always do it immediately, but profile your ideal customer and plan to find more of them.
Use the Cube Business Development Worksheet and EOI document to target your ideal customer.
- Work with your business coach to identify quarterly targets.
These don’t need to be financial necessarily, but have to be relevant and specific enough so you and your team have a 13 week goal to aim towards.
Something which contributes to your overall success.
- And lastly, back up and secure your files.
Use more than one location to keep important business documents.
A cloud based system is good, and a local back up onto an external drive is also useful.
We use the free version of CrashPlan which makes it an easy task.
Following these simple tips will help set your business up for success this financial year! So be focussed, disciplined and excited about the potential in your business this year.
Make it happen!