Time is money and prior preparation prevents poor performance; common sayings that are never more important than in business, and in particular at the start of a new financial year. Maintaining effective business systems and thorough financial reporting may not be the most exciting part of running your business but the time, money and energy savings make the effort more than worthwhile.
As we approach the start of a new year in the business world, there is never a better time to review whether your processes and reports are providing you with the information you need and are robust enough to get you through the next twelve months.
How was last year? Were you happy with financial recording performance and are there areas that need attention due to inaccuracies in records or missed payments or contributions? Did you complete your BAS on time each quarter and did all super contributions and other payments occur as they should? If there is room for improvement then this is the time to make it.
How did your budget perform and did you start the year with a clear plan and then ignore it or regularly review and adjust as needed? Not achieving goals is often a by-product of not tracking and responding to changes and adjusting the forecast as opposed to not setting the goals in the first place. Most of us do that, it’s the follow through that can drop away due to conflicting priorities and day to day pressures. This year, don’t just plan in June/July, review in August, September, etc. and don’t stop!
Cash flow is king. A lack of cash flow is what can stall or shut down an otherwise successful business. It’s all good to be selling lots of product or service, but if the money isn’t coming in regularly, this is what can destroy you. You know this already. Look at the last 12 months and consider any time you sailed close to the wind and what you can do to prevent this reoccurring.
Superannuation contributions changed last year with a compulsory increase in employer contributions from 9.25% to 9.5%. Did your systems hold up and were all the correct payments made? If not then a review in this area of your business is essential.
Small business was the winner in this year’s federal budget with tax cuts as well as accelerated depreciation options for individual assets costing less than $20,000 when the previous threshold was only $1,000. If you have not reviewed the changes and how they can benefit your business in the coming year, this is the time to do it and plan any capital expenditure.
And what about you? How did your performance stack up in the last financial year and are there any changes required to make you the best leader and business person you can be? Business and personal goals go hand in hand; as you approach the new financial year, assessing your own learning and processing needs can make your goals more achievable and success that little bit easier. Contact Athena Coaching for your initial obligation free initial consultation now and let’s take 2015 by a storm together.