5 Small Business Strategies
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5 Small Business Strategies – To Kick Start the Year
There is a temptation in business to review small business strategies at the beginning of the new financial year, but sometimes a better choice can be the new calendar year.
Not only is January a quiet month for many small businesses, but by doing the planning now you will free up time in June and July, when it’s all about getting ready for the tax man.
So this year, think about what small business strategies will kick start the year for your business.
Here are a few suggestions:
Insurance
While things are a little quieter than usual, take a good look at your insurance structure, which is a cornerstone of any successful small business strategy. Consider things like:
- Has your insurance kept up with the changes within your business, are you sufficiently covered both as a business and personally?
- When was the last time you price-compared your premiums?
- Any new insurance products on the market that will better serve you, your business and your family?
For many small businesses, insurance premiums are an enormous line expense. This is a great time of year to shop around, and potentially save some serious coin.
Tax Planning
Yes we did say earlier, June and July are Tax Man months but that doesn’t mean you can’t get some planning on how best to handle tax time done now. Look at things like:
- Any capital expenditures you can bring forward into this financial year to minimise your tax liability?
- Are all your super payments for your staff up to date
- Is your handling of payroll tax compliant?
A chat with your tax accountant now can save you some late nights and headaches come June.
Business Systems
That’s how it’s always been done, it’s always worked for us in the past. We’ve all said it, but as your business grows, systems need to grow and change with it, allowing you to continue to develop new small business strategies. Now is a great time to look at your systems and identify what is working and what is not. Consider:
- Is there a better/more efficient way of doing this?
- Can the technology we currently have be used more fully and efficiently?
- Any new technologies that will do things more effectively than those we are currently using, or automate manual procedures?
Business Tracking
It’s not unusual for small business owners to get so caught up working in the business, they don’t have time to work on the business. But keeping on top of how your business is performing, watching what market trends are doing, identifying potential future opportunities and problems, is vital to ongoing success.
Some areas you might look at include:
- Analyse of data from previous years to spot any seasonal trends you can capitalise on
- Look for peaks and troughs in sales, turnover and productivity to see if there is any correlation
- Identify strategies that didn’t work, and those that did. Then think about why, so you can replicate them.
Planning For Growth
Once you have a clear picture of where you are and where you have been, you can start making plans for the coming year.
If you are planning on growth, it is a good idea to ensure you have a resource plan to support this activity, which includes money, staff, systems, equipment and premises.
Running your own small business is hard work, but it’s also one of the most satisfying things you can do. Maintaining focus will help you get where you want to be, as will making sure you have a strong team of advisers, including a good accountant and financial planner around you, to support your decision making.
If you would like to discuss small business strategies to kick start the year, Manly Financial Services would love to help you. Give us a call on (02) 9976 3388, or contact us via the below link.
