5 End of Financial Year Resolutions to Consider For Your Small Business
Just like the personal resolutions you make on the 1st of January, you should be coming up with new resolutions on the 1st of July to signal the start of the New Financial Year. But there is one major difference! These are resolutions which you need to adhere to in order to guarantee the success of your business. These are business goals which will help you forge ahead in the New Financial Year, and you must continue them all year – no matter what! Are you up to the challenge?
- Understand your cash flow
Poor cash flow is one of the major reasons why companies close. It is not from lack of desire of the product or even lack of customers, but the ability to ensure that the business maintains enough cash flow to keep it afloat during the quietest periods of the year. Take the time to understand your cash flow and come up with a forecast that is clear and easy to understand. If it is closely aligned with your business budget and checked regularly, then it can really benefit your operations throughout the entire financial year.
- Update your marketing plan
Marketing plans should be updated every year and all previous marketing strategies should be assessed for viability and success. If it doesn’t work, why continue to do it? It is time to drop those methods which are no longer serving your best interests and source new marketing options to improve your cash flow and bring in new customers. Marketing is a critical tool in the business world and needs to be planned and measured so you can understand its effectiveness. Look for new ways to encourage customers and get the conversation started about your business both online and offline.
- Strengthen your digital representation
The future of your business lies in its strength to navigate the digital world. If you are online already, then look at ways you can improve. Is it time for a website makeover? Can you add more payment options to your website? Can you promote your business more on social media? Do you have the time to commit to regular blog posts to showcase your knowledge in this field? Technology is the way forward, without a doubt. If you are not online yet, then there is no time like the present. Create that Facebook page and make a start.
- Be prepared for growth
Businesses that want to grow, need to make sure that they have the financial backing. Always understand your finance options at any given time and be prepared for growth opportunities. Finance is always necessary to support business growth, and you need to have already had the conversation with your bank or financier to know where you stand. The reality is that you will never know what they can offer you until you ask, and, best case scenario, they may be able to provide you with support that you have not considered. Chat with them before you need it, so you don’t end up making any rash decisions when that time comes.
- Consider new opportunities without fail
New opportunities may present itself at any time of the year. They could crop up at the beginning of the financial year, towards the end or anywhere in between. That being the case, you should always be open to considering new opportunities without fail. Check them to ensure that they are consistent with your goals and overall mission statement, and that you have the financial support to tackle any new projects, whatever they may be. While each opportunity may not be right for you, the least you can do is weigh up the options and consider the pros and consthat accompany them.