Tips for End of Financial Year

Posted by on Jun 6, 2011 in Blog

For Existing Business Owners

•   Put together a simple marketing plan for the next 12 months – you should have at least 6 marketing methods on the go at any one time. These might include social media, trade fairs, networking etc. Put together a spreadsheet showing what marketing methods you are going to use each month and how you are going to measure their success.

•   Make sure you put together a cash flow forecast for the next 12 months (we have templates available for this if you are not sure how) so that you can anticipate any upcoming quiet periods and plan your marketing accordingly.
•   Take the time to review your business model and products / services you offer. Look back at the previous year and analyse what worked and what didn’t. Are you holding onto old stock that just isn’t moving? Are some of your services selling better than others? Get rid of what isn’t working and concentrate on doing more of what is.

For Non Existing Business Owners

•   If you are wanting to start a business but not sure how to proceed, or what type of business to start, then you are not alone. One of the most common reasons for not proceeding further with an idea is lack of confidence in either yourself or your idea. One of the most important things you can do at this early stage is to network with other small business owners. There are some great online forums such as www.flyingsolo.com.au, and offline networking groups where you can chat with others in a similar situation, and get feedback and encouragement.

•   Do some investigating as to whether others think your idea is a good one. There are many low or no cost ways you can do this without giving away too much of your idea. Set up a survey free of charge via www.surveymonkey.com, post up some research questions via yahoo, twitter, Facebook or Linkedin. Get together a focus group of your friends.
•   Is it the financial risk that is stopping you from going ahead with your idea? Put together a budget on what you will need to spend to get your business going. Then put together a list of your essential living costs for the next few months – things like rent/mortgage, food, school fees etc. Compare the two. Maybe you might need to take a part time job or stay with your employer a little longer whilst working on your idea at night and weekends. Where there is a will, there is ALWAYS a way!!