Review your finances
We always recommend our clients contact us to review their business finances regularly. We look at whether you met your targets and what you can do differently next financial year. Creating a cash flow forecast is a good way to manage any potential shortfalls and ensure you can still pay your staff and suppliers.
Review and update your business and marketing plans
It is important to take the time to set yourself up for the year ahead. Regularly reviewing and updating your plans/goals will help you to:
- remind yourself of your goals and priorities
- assess whether your strategies are working
- adapt to any new changes in your environment
- make the most of new opportunities as they come your way
- prioritise and maximise your effort (work smarter, not harder!).
Review your business structure
When businesses grow and expand, whether this be rapidly or slowly, It is important you have the correct business structure that benefits you. Our accountants can help you restructure to get the best out of your business. There are different compliance and taxation regulations depending on your business structure.
Review your insurances
Check that your business has the right insurances in place. If your circumstances change, you may need to update your level of cover. An Insurance broker is able to work with your business to ensure you have the appropriate cover for your business at the best price.
Always read the product disclosure statements (PDS) for your insurance policies carefully. Sometimes we assume we are covered and we are not. Insurance companies use different definitions, an example is floods as this varies with insurers. Don’t be the person that finds out the hard way.
Article Written by Callinda Beale.
Callinda is a member of the Institute of Chartered Accountants
and a Director of South East Accounting.
