The end of the financial year is just a couple of weeks away and business owners are busy. This time of year presents a great opportunity for business owners to look forward – so with this in mind I thought it would be a good time to go over a couple of points that might help you.
For some business owners this will be the only time of the year that you sit down with your accountant, so make the most of it. You can use your accountant’s expertise for more than just compliance and tax. Try asking your accountant how your business is performing compared to others in your industry and how you should be planning out the next 12 months to get the most out of your business. Work out what is going well in your business and what isn’t. Then ask yourself what you would change if you could and really think about how you can make that happen.
A good way of working out how far ahead you can plan is by looking at key performance measures such as cashflow. Having simple, forward-looking cash flow measures in your business is like having a fuel gauge in your car. You should have enough to keep your business going and be able to plan ahead to manage any fluctuations in work, customer payments or bills. Cashflow forecasts can be kept really simple. Do it yourself or have your accountant or bookkeeper help you – either way, the key is to actually do it.
If you don’t have an accounting system, now is the perfect time to look at options, especially if you have spent the last few weeks stressing about getting your books in order. You’ll be pleased with how simple to use some of the accounting software tools are and how they get everything done for you. Your bookkeeper or accountant will be grateful as well!
If it all seems a bit daunting at the moment and you have concerns about the coming year, then consider getting some high performance help. As well as your accountant, your business advisor, lawyer or business banker can benefit your business. You could enlist an ‘expert’ team to help you out, and they can help you set up key systems and structures, and work through any issues you may have developed. Look for people who you’re comfortable working with and you feel understand your business – and are willing to work alongside you.
This is also a great time for you to set yourself and your business some new financial year resolutions. Resolutions that have a real pay back for you. Think stress reduced, time saved or money in your pocket!
Good luck with the end of the financial year. Hopefully it isn’t proving to be too much of a drama but, if it is, there’s definitely still time to do something about it.
