Have you started thinking about your New Year’s resolutions? Perhaps you want to spend more time with your family, get fitter, or enjoy life more? Have you thought about how you could improve your business in the New Year?
We thought we’d make things simpler by coming up with a few resolutions we think would sit well on anyone’s list of New Year’s Business Resolutions.
- Learn something new. Find an area in which you think you could improve your knowledge and do a course, read a book or speak to an expert about it to learn more.
- Prepare a business plan. Think about where you want your business to go this year and work out what needs to happen for you to accomplish your business goals. Note what your business does well, its weaknesses, and the opportunities and threats that exist.
- Build solid procedures. If processes aren’t currently working the way you’d like them to, come up with a better way of doing them. It’s also a great idea to document these processes.
- Delegate effectively. List all the things you do throughout your work week. Delegate tasks that are not helping you achieve your goals to a member of your team or have them outsourced. Better yet, if they’re not necessary they may be eliminated completely.
- Have a cash flow projection prepared. It is important to know when cash needs to be in the bank to cover payments throughout the coming year. Your projections need to be reviewed regularly to make sure they remain relevant.
- Monitor your cash flow. Set credit terms that are appropriate for you and realistic for your clients. Follow up with your clients when they fall behind to ensure you are able to meet your payments in a timely manner.
- Pay your creditors on time. This will keep them onside, and you will be rewarded for your attentiveness by taking advantage of their credit terms and any discounts offered for early payment.
- Make effective use of financing products. Using products such as overdrafts may be a good way of increasing the cash available to you to cover necessary outflows.
- Take time for yourself. While it may not be realistic to increase your number of days off, it is important to have some time away from work. If your business demands the majority of your time and thoughts, when you do get an evening free, make sure you do something which will take your mind off things and give you and your family a break, preferably without your mobile phone or access to emails.
- Become 100% financially well organised. This means assessing your business and personal goals and developing a plan for achieving these. Your action plan should give you confidence that you will obtain financial security for you and those important to you, now and in the future.
Call us today on 07 3833 3999 to improve the success of your business this year!