The end of the year is the perfect time to take a step back and look at the last 12 months in your business, so you can figure out what’s been working and what hasn’t.
Armed with these insights you can then make the right adjustments to your business and look forward to a successful New Year!
Here are 7 things you should be reviewing:
Do you want to grow your business?
If so, sit down and set some targets, time frames and a budget and create a strategy that will help you kick your goals.
Make sure you study your competition to see what’s working for them.
This is also a great time to revisit your business plan.
Are you getting competitive prices from your current vendors?
It could pay to shop around. Vendors may be looking to secure business for the New Year and may be willing to offer you better rates.
Check out some alternatives.
Have you been so busy, you’ve lost track of your cash flow planning?
If you don’t have a clear picture of what money’s coming in and what’s going out, you could find yourself in a cash flow squeeze, which is one of the biggest reasons small businesses fail, especially in a growth stage.
Look at all the ways you can reduce expenses and increase revenues.
Ideally, you should be updating these projections at the end of every month.
How happy and efficient is your team? What could you do to improve things?
Losing people, hiring new ones and re-training costs time and money.
Look at how you can improve retention and productivity.
Has your business changed in the last 12 months?
Do you have new premises or purchased new equipment? Have you seen a change in revenue?
It’s important to review your Business Insurance policy as you may be exposed to new risks.
If you want a no obligation review of your Insurance cover and needs calle NRMA Business Insurance on 132 818.
Do you have vehicles or machinery that are overdue for maintenance?
Don’t let the cost of unexpected breakdowns crimp your cash flow.
Also, assess your capital needs for the coming year.
If you need more, consider talking to a financial advisor or accountant who can help with planning.
Surviving as a business owner depends a lot on your daily habits.
Take time out to treat yourself right - eat better, exercise a little more, put aside time for family and friends and use your colleagues and professional network for support when you need it.
If you need help with your business, there may be an affordable advisory service in your area.