It’s the beginning of a new year and most of us are halfway through a business year. It’s a good time to take stock of some of those plans we made in July and get back on track if you’ve veered away.
5 new year goals for small business owners
Small business owners have similar goals, regardless of the size of their business or their industry. Here are five of the most common New Year’s resolutions from small business owners. Do these sound familiar?
- Reduce the complexity of running your office. If you’re feeling inundated with the sheer amount of administration required to operate your business, chances are there are steps you can take to automate some of the work you’re doing. Are you drowning in spreadsheets or stacks of filing? Do you avoid seeing your accountant because your books are out of date? It’s probably time to start looking at how Cloud Accounting software can make your monthly accounting activities faster, easier and more accurate.
- Get a handle on your cash flow. Did you know performing a regular cash flow forecast is an indicator of business success? Predicting where in the year you’ll have cash shortfalls is the first step to improving your cash flow situation. Take time to review your accounts and see if there are patterns or cycles in cash coming into your business. Are you invoicing consistently?
- Grow your business. It’s a rare business owner who doesn’t want to see year-on-year growth. One of the mistakes small business owners make is to spend so much time working in the business they neglect to work on the business. What does this mean? It all comes down to planning. While your interests and passions probably aren’t related to the actual running of the business, it’s vital you keep a business focus to ensure you and your employees continue doing the work you all love.
- Do a financial health check. Are your payment terms costing your business money? Have you given enough consideration to major purchases? Do you need to bring on a new employee or tighten your belt on spending? Along with cash flow forecasting, implementing scenario planning is a good way to ensure your business stays in good financial shape. There’s nothing your banker likes better than knowing you have a realistic understanding of the impact a loan or major purchase will have on your operation.
- Put more balance into your working life. Have you considered using a Virtual Assistant to manage things you’d rather not do? What tasks can you outsource? Don’t be surprised if it’s more cost effective to have someone else manage the drudgery chores while you focus on running your business. Chances are you started your business because you enjoy the product or service offering you provide, not working on the administrative side necessary to keep it going. It’s also a good bet you prefer to work for yourself because you want to control your quality of life. Why not make an executive decision to impact work/life balance in your favour?
A good solution to achieving business goals
One way to keep on the positive track for all five of these goals is to invest in Cloud accounting software. It gives you an instant snapshot of the state of your business. It also lets you dream about the future of your business using ‘What-if’ capabilities for scenario planning. Best of all, it’s more secure than spreadsheets and the data is always up to date.
Get started today
Reep is a cash flow management software that seamlessly integrates with MYOB and Xero to give you an accurate picture of your cash flow, allows you to create a budget with little effort, and gives you a way to forecast for the future. You’ll start 2016 with the confidence you need to make the right decisions for you, your business and your family. Contact us today get started.