The start of the financial year is the ideal time to review your small business’ finances and plan for the year ahead. Here are our tips for kick-starting your new year.

1.    Review your expenses

Take some time to look at your business’ expenses and see if there are ways to reduce ongoing costs. This helps free up cash and improve your profits in the year ahead. Some ideas include:

  • Negotiating with suppliers or providers for more competitive prices.
  • Switching suppliers or providers if you can’t get a better deal.
  • Buying commonly used items in bulk.

2.    Review your business plans and strategies

Review your short-term and long-term goals and assess what strategies worked and which need to be adjusted. Don’t forget to consider broader market conditions and your competition and look for new opportunities.

3.    Evaluate your insurances

You may already have insurance, but your requirements and situation may have changed in the last year. For example, you renovated your premises, bought new equipment, or hired new staff. It’s vital to check that you have the right insurance to provide adequate protection for your business.

4.    Consider financing options

If you plan to grow your business this new financial year, it’s worth considering business loans. They can help finance things like buying new equipment and paying for expenses without dipping into your savings. Arrange a chat with our team to find out more about loans that will suit your business.

5.    Embrace or update technology

As a small business owner, you manage many functions, such as administration, accounting and managing staff. These tasks can be extremely time-consuming, but you can save time and improve efficiencies with technology. There are many cloud-based tools that will simplify your work and are accessible anywhere with an internet connection. 

Spending time getting your business in order this new financial year may be taxing, but it’s always worth the effort. If you’re unsure about anything, speak to a professional for the right advice.