The new financial year has just quietly ticked over without much fanfare. It’s the perfect time to focus on the new year ahead. Here are 7 essential resolutions to “Kickstart” The New Financial Year.
- Write a Business Plan
- We all know that writing your ideas or actions down increases the chance they will get done. So just do it.
- Engage your team
- Running a small business can be a lonely gig. Get your Team engaged & you will be surprised by the difference it makes both for you and the business.
- Identify & reduce the risks in your business
- Not only does decreasing risk reduce your stress it will also increase your business' value.
- Find 4 Key Performance Indicators (KPIs) that have the biggest impact on your business' profit and cash flow.
- Then think of 3 things you could do to improve each KPI, the cumulative results will surprise you.
- Free up cash flow
- Cash is the life blood of every business but it's often locked up in working capital such as stock & debtors. Change your trading terms & start to manage your stock and get that cash flowing better again.
- Tax plan all year
- GTC Financial is a "Tax Planning" firm which simply means we work with clients to legally & sensibly reduce tax. Usually there’s a big focus is on tax planning towards the end of each year. Why not think about tax planning throughout the year.
- Develop a Succession Plan
- The only reason to buy or setup a business is to sell it. So what's your end game, are you going to sell it or pass it on to your kids. Whatever it is you need to start planning for it now.
I hope this helps you get focused for the year ahead.