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Reflect and plan this Christmas

The outlook for 2012 suggests that it will be a difficult year for most businesses.

While we can’t control what is going on in the economy, in our own businesses we can make changes and adjustments to reflect the prevailing conditions – remember “if you change nothing do not expect any change in the future”.

The Christmas break is a time for family and to recharge, however it is also a time when business owners can reflect on the past year and review their decisions over that year to evaluate what has worked and what hasn’t worked so well.

A good start is your business expenses. It is not like the old days when we signed monthly cheques for all of our outgoings. Businesses now have many of their expenses deducted directly from their bank account and have little or no detail of what that deduction from the bank is related to.  Often a review can show that the service being charged for is either not being provided or no longer required.

For example, you may have arrangements in place for services, such as telephones or insurances that reflect your needs in times when your sales volumes were higher. You may be paying now for service levels you do not currently require and could talk to your supplier about your revised requirements.

What is clear is that what we did last year will not necessarily meet the needs of our business in the 2012 year.

Should you wish to discuss your business costs and how you may reduce those costs into the future, please call me at Abby Practice on 02 9476 0399 or email sid@abbypractice.com.au

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Sid Edwards

Sid Edwards

Sid is the Principal and CA at leading Sydney small business accountancy firm Abby Practice.

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