Start the year financially strong
Written By: Alice Robinson
Once again, we have reached that time of the year. That time when Gyms everywhere are jumping for joy as they watch some freshly determined people spend way too much on a membership that they will never use. That time when people are looking at their freshly emptied bank accounts and wondering what happened. That time when businesses are reevaluating their budgets are preparing for the final six months of the financial year.
To prepare you and your small business for the year ahead, we have decided to provide you with our top three tips for getting your small business financially fit this year.
- Get to know your cashflow
The business’ cashflow is essentially its life blood. The cashflow reveals what your minor day-to-day expenses are, where you are losing money unnecessarily, and where you are gaining the most money. Get to know your cashflow and you will have a much better idea of where you can save money and what avenues you should invest in as the greatest revenue pockets.
- Build a productive and efficient team
The start of the year is when people are often most motivated to improve themselves. Take advantage of this to increase employee productivity and efficiency with some training sessions (internal or external) to hone in their skills and broaden their knowledge. This will increase your return and boost employee morale.
- Check your accounts receivable
Make sure you are keeping up with those who owe you money. The start of the year can often pose a risk for businesses defaulting after the financial stress of the festive season. Have a look into those who still owe you money and if there seems to be a risk, give yourself time to reshuffle your own accounts to hedge that default risk. You don’t want to be caught on the losing end when someone else can not pay you back.
Getting yourself and your business financially prepared for a new year can seem like a daunting task and sometimes it’s good to get a helping hand. Whether you need help analysing your accounts, drafting a budget or just building a general plan for the year ahead, the Growth Focus Accounting, Bookkeeping and Business Advice services are here for you. We are available to clients in Brisbane and Ipswich. If you would like a helping hand or are just curious about what we have to offer, head on over to the Enquire Today page on our website to book your consultation with one of our experienced employees and we will start you on the road to financial growth in 2017.