The beginning of a new year is a really good time to think about creating some financial New Year’s resolutions for your business, so you can ensure you hit the ground running for a successful and profitable year ahead.
In our personal lives, many of us see a new year as the perfect opportunity to make new goals, whether it be losing weight or eating better, or maybe traveling more.
As a business owner, this is also a good time to think about your financial and business goals, whether that be taking on more clients, exploring new products, learning new skills, or simply just building on the foundations you put in place last year.
Here are some ways that you can go about setting some realistic Financial New Years resolutions for your business.
Reflect on 2022
The new year is a really good time to look back at the year you have just had and reflect on things that worked/didn’t work for your business.
Start by looking at issues that cropped up within your business processes over the past year, and think about ways these can be done better to ensure everything can run more smoothly.
Speak to your staff about any concerns that they have/had, so you can identify anything that may be affecting the efficiency of the day-to-day running of your company.
It is equally as important to take a step back to assess what processes were successful, and explore ways to build on these. This could include setting goals or targets in these areas, of what you would like to achieve by the end of the current year.
Managing your business finances
Detailed and accurate financial planning is critical when running a business.
It is important to make the most of your personal and business wealth and make sure you capitalise on any allowances and reliefs that may be available to you.
Tracking your cash flow and expenses will allow you to stay on track with your business forecasting, ensuring your financial new year’s resolutions and goals remain achievable.
Poor financial planning may mean that you aren’t able to make use of tax-saving opportunities.
Carrying out a detailed and thorough review of your financial planning strategies and making sure your long-term business plan is still up to date, will also help to keep you on track to achieving your financial goals.
Review your business software /technology
There are many business software solutions around that can help to boost your business. Having all your vital financial information in a clear dashboard format can help you keep control of the finances and flag any concerns early.
Keeping everything online such as your invoices and expense claims etc is so much easier to manage than a pile of papers and can really help to keep your head clear so you can focus on other areas of your business.
At Blue Spire, we use Xero for many reasons, one of them being that it allows you to see your bank account in real-time, which again saves you time and means you are constantly monitoring your cash position, which should be a daily activity.
Invest in Training
As a business owner, it can often feel like you don’t have enough hours in the day to do everything you need to do, however, it is still vitally important to invest some time and money into your personal and professional development so you can develop new skils and stay at the very top of your trade.
Making sure that your staff also have regular access to training will lead to a more productive workplace and improve staff motivation.
Factoring training into your financial New Years resolutions could play a big part in the overall efficiency and performance of your business.
Speak to your accountant
Your accountants can assist you in implementing strategies to improve your business’s bottom line. They can also recommend a handful of ways to minimise your tax bill.
At Blue Spire, we understand that organising your finances often poses an unwelcome burden.
That is why we are on hand, helping you to manage your business and personal finances and stay on track in 2023.
| To find out more about how we can help you with your financial New Year’s resolutions, please get in touch with us today. |
