1. Reflect on the past year.
- What did my business do well?
- What can my business improve on?
- Did my business achieve last year's financial objectives? Why/why not?
Also look externally to areas such as your relationship with suppliers. Is there opportunity for increase collaboration or should you be looking to form new relationships? What are your competitors doing? How do you stay ahead and maintain innovation in your business?
By taking stock of the past financial year and asking yourself these types of questions you are better prepared to tackle the year ahead.
2. Look around for new ideas.
These new ideas could be ways to increase revenue or cut costs. On the revenue side these ideas could cover new products or services, customer service ideas or marketing initiatives. On the cost side ideas could centre around supply chain or product sourcing efficiencies.
Inspiration could come from your closest competitors, business in similar markets overseas or even business in other industries. What are they doing that's working well? Can you incorporate aspects into your business. Also ask yourself what are they not doing? Are their opportunities out their that your competitors are not taking advantage of?
3. Update your plan.
Once you have a set of objectives the next step is to prepare a plan for implementation. When will certain activities will need to take place and what are the key dates to ensure objectives maintain on track to be achieved?
Another thing to consider is government programs designed to help small business. Check out business.gov.au to see if you qualify for advice from experienced business experts.
4 Get your tax done quickly.
One advantage of getting your tax affairs in order sooner rather than later is that you can get a better idea about the amount of tax you will have to pay/have refunded which will be important for cash flow planning.
Another advantage is that you will able to sit down with your account and go over plans for the next financial year. As part of your tax planning you may want to discuss the $20,000 instant asset write off and other small business initiatives announced as part of this year's Budget.
Getting on to your tax quickly will also ensure you don't miss important deadlines including BAS and superannuation lodgement due on July 28.
5. Stay close to your employees
Having a committed team of employees that have a clear idea of where the business is heading makes the likelihood of business success far greater.
6. Embrace Technology
- Have you embraced social media?
- Do you have an online store?
- Is your website mobile friendly?
- Do you do your accounting online?
- Have you thrown away your cash register for a POS system?
- Is there an app that can replace manual/repetitive tasks or improve processes?