Preparing for the 2017/18 Financial Year
As we enter the new 2018 financial year and we find ourselves reviewing our progress, many of us ponder the ‘what if’ outcomes; What if I had managed my businesses better? Or what if I had saved more money? And the classic what if I had hired another employee to assist me? It’s common for small business owners deliberating what could have been, when their attention would be better spent on what they can improve in the year ahead.
We have put together a list of fundamental business tools for small business owners, to better prepare them for the new financial year and set their business up for the best chance of success.
2018 Financial year checklist:
#1 – Business plan
If you don’t have a goal of where your business is heading, it’s not likely to move anywhere – especially not forward. Business plans act as the building blocks of a house; they form the structure of your business. The most tactical objective to put in place for business growth is to analyse your short and long term goals, whether that is financial growth, employee development or building a stronger client database. You can then devise a strategic plan of exactly how you are going to achieve each milestone (and be sure to celebrate each time you reach one).
#2 – Budget & Cash flow
Did you know, a common cause for profitable companies going under is because of their lack of cash flow management and unsuccessful budgeting? People often forget the importance of their cash flow until it’s too late, which is why it is better to get on top of it now. Management tools are a great way to keep on track of your finance. Check out our FREE Cash Flow Forecasting tool.
#3 – Advisory team
As a business owner, you could be the most organised and multi-skilled person in the world, But the reality is, not everything in a small business can be executed to the best of its ability. It is impossible to be an expert in all angles of your business and manage to stay up-to-date on important industry news and modifications. At a minimum, most small business owners should have access to a solicitor, accountant and financial planner. Take a look at our blog post ‘The Professional Network Every Small Business Owner Needs’ and see who could be the missing piece to your business community.
#4 – Marketing
Growing a business relies on knowing where to find new potential clients and successfully reaching out to them with your core message, not just building relationships with your existing clients. Ensuring an online presence can make (or break) a business depending on if its done correctly. Which is why having a strong marketing plan is essential to small business owners.
Many business owners want to save money where they can so they avoid investing in professionals to direct them. The problem is, if marketing your business and analysing your results isn’t taking up a large chunk of your day, you’re probably not doing it right. Marketing is a full-time role, therefore if you don’t have a full-time marketing personnel in your team, it’s well-worth investing in a marketing team to do it for you, and to make sure it’s done right! Chat to one of our team members today to see how digital marketing could increase your business’s exposure and success rate.r
If you have any questions regarding the future of your business or financial year, please feel free to contact us today.
