Planning for a new financial year is essential for every business to ensure its success. Here are some tips to help you prepare for the year ahead:
1. Review financial statements
Review your financial statements from the previous year and identify areas where you could improve. Look for patterns or trends that can help you make informed decisions about where to allocate your resources.
2. Set goals
Set realistic goals for the upcoming year that align with your business objectives. Make sure they are measurable and have a timeline for completion.
3. Create a budget
Create a budget to keep your finances on track. Review your expenses and revenue from the previous year and use that information to create a budget for the upcoming year.
4. Planning for your tax liabilities
Taxes can be a significant expense for any business. Make sure you plan ahead and set aside enough funds to cover your tax liabilities.
5. Assess your marketing strategy
Evaluate your marketing strategy and identify what worked and what didn’t. Use that information to refine your marketing plan for the upcoming year.
6. Automate systems
Put systems in place to make the lead-up to end-of-year requirements easier, this includes automation of your accounting systems. There are now many easy-to-use accounting systems that can help streamline your business and save you many headaches and long hours poring through the paperwork. Once your business becomes automated you will never look back and will probably wish you had done it sooner! If you need help finding, learning, and implementing the right system to suit your business, reach out to Bartercard, who can put you in touch with specialists. They will assess your needs and provide your business with a seamless transition onto a digital platform in time for the next financial year. What’s more, as a Bartercard member, your trade dollar transactions can be integrated into your MYOB and Xero accounting system each month, making it quick and easy to reconcile transactions.
7. Clearing excess stock
Don’t wait until the end of the financial year to move excess stock. Bartercard can help advertise your stock clearance sale or any day sale through a multitude of media outlets that will bring in both cash clients and Bartercard members keen to spend their trade dollars, giving you an extra boost at tax time.
8. Review insurance policies
Review your insurance coverage and ensure you have adequate insurance coverage for your business. Review your policies and make any necessary changes to ensure you are properly protected. It’s sometimes easy to overlook things like insurance when you’re focusing on the business revenue.
Create positive financial habits
By following these tips, you can ensure your business is well-prepared for the upcoming financial year. Planning ahead and setting realistic goals will help you stay on track and achieve success.
Invest a little extra time with your accountant this year to look at the areas of your business that could do with a little attention. For example, consolidating and reducing your debt and interest payments, investing in higher quality equipment, or creating systems that allow you to better track your financial progress daily.
Don’t restrict your business spending to just your operational essentials. Take time to look at your personal goals and spend money investing in education for your own growth and success.
Spending the time now will pay off in the future as it will free both time and money so you can focus on building your business.
Get in touch to find out how Bartercard can assist your business and bring new customers in this new financial year.
