• TFC Financial

5 Small Business Strategies to Kick Start the Financial New Year

How often do you give your business finances a tidy-up? As another end-of-financial-year rolls by, now is as good a time as any to undertake a bit of housekeeping.

5 Small Business Strategies

The stresses of running a small business often see us rushing, unprepared, towards June 30th. It’s that time when we draw a line under our business finances for one year, take a deep breath, and plunge into the next.


This year, before holding your nose and leaping into July, why not take a moment to dust off your finances and begin the year with a fresh outlook?


Here are five ideas to get you started...


Insurance

The Australian government’s business website, www.business.gov.au can help you understand your compulsory insurance requirements, along with other cover you should consider, like personal insurances to protect yourself, your income and your family in the event you’re injured or become too ill to work.


Additionally, there are policies to protect your premises, your stock and machinery.

If you’ve had insurance for a while, perhaps shop around and see if there are better deals to be had.


Tax Planning

The start of a new financial year is perfect for developing a forward strategy. To get organised, and stay organised, throughout the coming year start by understanding your industry’s regulatory obligations and entitlements. Look at government concessions, asset write-offs and deductions.


Stay up-to-date with compliance responsibilities like, Single Touch Payroll, effective from 1 July 2019.


You should:

· analyse your profit and loss: monthly, quarterly, annually.

· track revenue to ensure billing and collecting provides adequate cash flow.

· calculate the cost of doing business; devote more time to activities that are the most profitable and help grow your business.


Your tax accountant can help you put a system in place that will keep your tax records organised and up-to-date throughout the year. Why not call them to arrange a time to talk it through?


Systems

If you’re doing things a certain way because that’s how they’ve always been done, it may be time to cast a critical eye over your business procedures.

Are there :

· better/faster/more efficient ways of doing things?

· technologies to simplify processes, e.g.: point-of-sale (POS) systems?

· process bottle-necks or duplicated steps that can be safely bypassed?

· ways to automate manual processes like running reports or paying regular accounts?


Business Tracking

Staying on top of business performance, trends and cash flow can eliminate surprises by spotting potential problems and identifying supply and demand patterns.

Start by:

· analysing data from previous years or seasons.

· looking for peaks and troughs in sales/turnover/productivity.

· identifying what worked and what didn’t work.


Plan To Grow

Once you know where you are, you can look for ways to move forward.

Whatever your business’s growth strategy, be sure you have the resources to support it. Consider whether you’ll need to invest in machinery, supplies or specialist staff?

Now, update your business plan and review it regularly to stay focussed on where you’re heading.


Running your own business is hard work, but it’s also one of the most satisfying things you can do.

Richard Branson once said, “A business is simply an idea to make other people’s lives better.” So, this new financial year, start refreshed and set yourself up to make your life, your family’s life and your customers’ lives better. If you have any questions and need help making a better plan don't hesitate to get in touch with us.

Toowoomba Financial Centre Pty Ltd ABN 88073088070, trading as TFC Financial is a corporate authorised representative of Charter Financial Planning Limited ABN 35 002 976 294 Australian Financial Services Licensee License number 234665. This article contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making any strategy or product decision.

CONTACT US

Phone:  (07) 4639 1399

Fax:       (07) 4639 6921 

Office:   Canberra Place 123 Margaret Street

              Toowoomba QLD 4350

              (Cnr Margaret & Hume Sts)

Postal:   PO Box 1591, Toowoomba QLD  4350

SIGN UP FOR FINANCIAL UPDATES FROM US

December 4, 2018

Please reload

Toowoomba Financial Centre Pty Ltd ABN 88 073 088 070, trading as TFC Financial is a corporate authorised representative of Australian Financial Services Licensee 234665, Charter Financial Planning Limited ABN 35 002 976  This website contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making any strategy or products decision.

Your privacy is important to us and Australian Financial Services Licensee, which is part of AMP. You may request access to your personal information at any time by calling us on (07) 4639 1399 or contacting AMP on 1300 157 173.

Information collected will be subject to AMP's Privacy Policy. You can also contact us or AMP if you do not wish to receive information about products, services or offers available from us or AMP from time to time.