The start of a new financial year can be an extremely busy time for business owners, but the time you spend reviewing and organising yourself financially will be well worth it in the long run.
Here I am sharing my tips on starting the new year off on the right track to ensure the profitability and position of your business is positive in this next financial year;
Tips from Leah
Sit down, assess and review your business finances. Look at whether you met your targets last financial year and what you can do differently this year to help your business grow.
Review your bookkeeping system. Not only does keeping good records make running your business much easier, depending on your industry, you might need to keep certain records for compliance reasons. It will also help you to keep track of how your business is going financially. We recommend using XERO to manage your financial records. XERO will significantly reduce the time you spend on admin and bookkeeping so you have more time to focus on growing your business. It also enables you to produce accurate, reliable financials and thereby make better business decisions. Best of all, XERO presents shared, live, and up-to-date data to your accountant and professional advisor, who is consistently working with you on the success of your venture. If you are not currently using XERO, the start of a new year is a great time to make the conversion. Talk to us and embrace XERO! We guarantee you won’t look back.
Review and update your business and marketing plan Review your goals and priorities, and assess whether your current business strategies are working. Get professional help in this area if you feel you need it – running a business can be overwhelming, you should consider outsourcing to allow you time to focus on where your skills lie, and to grow the business itself.
Check that you have the right insurance policies in place for your business, particularly if your circumstances have changed. You may need to update your level of cover if you’ve moved locations, started employing people or changed your business structure.
Minnik Integrated Financial Solutions are specialists in business advisory and personal wealth management. Contact us today to discuss your financial needs, and embrace your journey to wealth. www.minnik.com.au