January 18, 2018

January is that time of year when we tend to make personal resolutions around our happiness for the following year. Often, we review the year gone by and plan to make changes for the year ahead. Health, happiness, wellbeing, work/life balance and finances are always favourite areas to work on.

Reviewing and planning ahead for the year is also important in our businesses and, although it’s probably not the end of your business financial year yet, January is an excellent time to review 2017 and plan how to make 2018 an even better year for your business.

To help you get started, we’ve outlined some of the areas in your business you might like to review; some simple tweaks that will help your business run more efficiently in 2018.

  1. Check that your banking is ready for 2018

Do you have enough accounts to easily manage your business incomings and outgoing? Or do you have too many accounts? If your business is a new business, you may be using your personal credit card for your business expenses. Having a separate business credit card means less time spent sorting through and separating transactions. Arrange an appointment with your bank manager to discuss your changing needs.

  1. Understand what your software can do for you

Do you understand all the things your software can do for you?  Often, when we start using a new software, we tend to just learn the basics and ignore more of the technical stuff that can seem too hard to deal with.

It’s useful to go back periodically and explore further; you may find useful features that will make your business more efficient. Check online for tips, tricks and tutorials for your software. Take a few minutes to ensure you’ve installed any updates as often when we’re busy, we choose the “install later” option!

  1. Diarise important dates

Ensure you have all important dates, like GST and provisional tax, stored in your calendar, and schedule reminders beforehand so the important ones don’t sneak up on you. Touch base with your accountant if you’re unsure which dates are relevant for your business and to see what steps you need to take before these dates are due.

  1. Review the way you invoice

Do your clients often pay you late?  If late payments have been a problem in 2017, review your invoicing procedures to see what improvements could be made.  Do your terms and conditions make it obvious to your clients what your business expectations are? Are you automating reminders and sending out statements?

  1. Analyse your staffing costs

As the cost of staff is often one of the highest expenses your business has, it’s useful to review this.  Do you need more staff or could you manage with less?  If you feel overwhelmed but you’re concerned you may not need extra help long-term, consider outsourcing some of your work to a contractor.

  1. Read client feedback

Reviewing feedback from your clients is an invaluable way of assessing where improvements could be made. Remember, occasional negative feedback is not the end of the world; it can be very helpful if you review it and use the feedback to make improvements.

  1. Audit your website

Your website is usually the first place potential clients go to find out about your business, so it’s important you review it from time to time. Try to step back and look at your business website from a new customer’s point of view. Are things easy to find? Do they flow well? Ask a friend or colleague to review as well.

  1. Check your settings for your cloud based storage

This is super important. Don’t wait until something goes wrong. Having a quick check occasionally that everything is backing up as expected can save you so much time and stress if your hard drive fails, your laptop breaks or is stolen, or something else goes wrong.

Remember, we’re here to help you and we want to make a real difference to your business. We can help you to develop, improve and grow your business, through practical and tangible business development services that provide immense value and clarity to your business.

Get in touch with our team if we can help in any way.

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