5 ways to set your business up for a soaring new year

Is it too early to be thinking of the new year? Well, we think it’s never too early to give some thought to how you could set up your business for a cracking new year.

1. Be organised (and stay that way)

We know that this tip is easier said than done but once you’re organised, it’s much easier (and better) to stay that way than letting go of all your hard work to start from the beginning again at a later point in time.

A planner which includes your deadlines and payments gives you the ability to see what’s coming and may very well become your new best friend.

2. Keep up to date with any changes

If you’re not aware, there have been some changes to the instant asset write-off. The instant asset write-off threshold has been given a nice boost to a new total of $30,000. 

If you’d like to brush up on these changes and what they could mean for your small business, read our article here.

3. Review your finances

Take some time to look at your cash flow and prepare a budget for the year to come. This can help identify possible times of tighter funds. It also allows you to look back to see whether you met your targets to give you a good idea for what you can change for the year ahead.

Your financial records are also a strong reflection to know which strategies worked, which didn’t and what you’ve learned along the way.

Using this information, set out a budget and make changes where you see fit, given the results from the previous year.

4. Revisit your business plan

Now that you’re organised and reviewed your finances, it’s time to revisit your business plan. It can be easy to get stuck in the day-to-day activities of running your business, but taking some time to think of your long term goals can help determine if you’re on your way to achieving these or whether they have changed.

5. Don’t forget your business insurances

Being a small business owner relies on dividing your attention across many areas of your business. This can mean that you adopt the mindset of set and forget, especially for your insurances. 

However, your business’ needs might have changed since you took out your original policy and may not be sufficiently covered. Read our five common reasons you might no longer be covered.

Set your business up for a soaring new year, before the new year creeps up on you. If you’re looking to purchase equipment, update your business insurance or seeking a small business loan, chat to your local Mortgage Choice expert today. 

Posted in: Small business