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Spring Clean your business financials

Spring Clean your business financials

  • Business News
  • Managing a Business

Spring season has arrived and so has the perfect time to look at the business To Do list – and it starts with cleaning up the business financials.

After all, Spring is a time of growth and new life. Bringing this philosophy into your business can inspire you to get organised and make the improvements your business needs to achieve future growth plans.

“As a business owner, it’s an ideal time to make sure your business is in a position for growth by ensuring you are maintaining a good cash flow and staying profitable.”

Small business development corporation

Ready to set the spring clean in motion?

The top 5 tips for refreshing your business financials

Tidy and Declutter the Books

The heart and sole of any business are the financials – the bottom line and the spend. It can be all too easy to put the review of the books and files (and sorting of business receipts) on the back burner. If this is you – now is the time to tidy.

Set an appointment with your Accountant and allow time beforehand to review and make notes on the financials. Organise receipts and digitize where you can.

Remove the paper trail by moving to new software tools that can help run your business more smoothly and efficiently. A paperless office saves time, money and reduces chances of error.

Set up and review with your Accountant cash flow forecasts, shortfalls and other business documents – all will allow you to make informed assessments on your finances – none of which can happen if the books are not up to date.

“Your business accounting books are the epicentre of your business’s transactions and financial records. They can help you forecast your financial future and make smart decisions about your finances. But none of this is actually possible if your books aren’t in tip-top shape.”

FOrbes

Red Line your Spending

It is easy for the small, incidental costs of a business to build up and go relatively unnoticed – that is until the Profit and Loss figures come through from your Accountant.

Use this Spring clean to make an updated list of business subscriptions, small outgoings and memberships – anything that is coming out of the business bottom line.

Ask yourself and your team the question – does this expense make our business considerably better? Then get out your red pen and draw a line through all the unnecessaries – you may be surprised what you can save almost instantly.

 For the expenses that aren’t removable, request a fresh quote or look at a different service provider. Take time to explore your contracts and see what else is out there. After all, every dollar saved is an extra dollar in your back pocket.

Give your business plan the spring clean it deserves

Refresh your Business Plan

How many of us have spent the time and money on developing a business plan – never for it to be looked at again.

Take time this Spring clean to revisit your business plan and update it accordingly. Most businesses develop and change over time, so be sure your plan is suited to where your business sits now.

Make a plan to review and refresh your business plan each year – it is the vision of your business and the “how to your why” so give it the attention it deserves.

“Reflect on the past year and ask yourself what kind of changes your business has made in the last 365 days. Did you add or remove products? Are you targeting a new market? Or, did you completely change up your business structure? If you did, mention it in your plan.”

FORBes

Review the Marketing

For many business owners the world of marketing can often take a back seat in the priority list of jobs to do – so take time this Spring clean to refresh your marketing strategies.

A great place to start is with your website. Like your business plan collecting dust, a poorly managed website falls into the cyber abyss, having the potential to damage your brand more than promoting it.

Instead, review and refresh the content. Update images and add new Blogs and other relevant News features. Selling product? Optimise your shop, ensure stock levels are correct and source new products.

Running an old platform with no form of re-targeting? Upgrade and rebuild your website, refresh the brand and align it to suit your target audience. Use last year’s data as a starting point for future changes – it will prove to be a shining light of revelation!

Other marketing strategies you could review and implement for your business include:

  • Investigate new marketing trends suited to your industry
  • Social media plans and management
  • Email marketing
  • Feature events including trade shows, conferences, webinars and seminars
  • Brand refresh

Upskilling

Business Owners will often take on the role(s) needed within the business – regardless of their skill set, and no matter how unfamiliar it may feel.

This Spring clean, dedicate time to learn new business skills and tools. It may be managing a social media account, or improving your interpersonal skills when dealing with customers, staff or suppliers.

Whatever your “weakness” area may be, as a Business Owner you will never stop learning so take this Spring time to get your business skills up to speed.

Not sure where to start? The Small Business Development Corporation offers a range of affordable and practical workshops across multiple categories within the Perth region.

To find out more, or to register for an upcoming workshop, visit – https://www.smallbusiness.wa.gov.au/workshops

To book your spring clean financial review with an experienced Accountant from Elevate Accounting click HERE

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