New Year's Resolutions for Business Owners

New Year’s Resolutions for Business Owners

We are well into January, and if you haven’t had the time to pause and think about your 2020 resolutions for your business, that’s okay. We understand how the first month of the year could be quite busy for business owners like you.

To get you started, we’ve prepared a list of New Year’s Resolutions to help you and your business thrive in 2020.

1. Improve Your Business Plan

The first few months of the year is the perfect time to revisit your business plan. Evaluate which strategies are working and determine the ones that you may need to change.

If you’re working with a team, consider the leadership in your company. Is it time for one of your employees to join your core team? Assessing the performance of your employees could uncover opportunities for your business.

2. Increase Productivity

If you haven’t evaluated your company’s performance the previous year, now’s the best time to do it. This will help you set your productivity goals for 2020.

One way to boost your productivity is to consider delegating tasks to other team members or working with a third-party service provider. This will free up your time so you could focus on other aspects of your business.

3. Schedule Cashflow Forecasting Regularly

Cashflow forecasting determines when cash will be available and for how long it will be available for your business. It could help you understand where the money is being allocated and when it is spent so you could prepare financially for the future.

4. Keep Your Accounting Records Up-to-Date

We understand, sometimes your everyday business operation takes up most of your time that bookkeeping may seem like a difficult task. However, keeping your records up-to-date could give you a good overview of how your business is going.

Did you know that you could use online software to help with accounting? Cloud Accounting solutions like Xero and Myob make things easier for busy business owners. For instance, you could instantly create invoices and financial reports. You could also track all your transactions and match them with your bank records.

“Setting goals is the first step in turning the invisible into the visible.” These resolutions could help you reach your goals for your business and achieve more for yourself.

Let us help with your resolutions and work towards your goals. Sutherland Reid & Farrar offers a range of business services, including cashflow forecasting, management consulting, payroll and accounting services, and secretarial work.

We’d love to get to know you and your company. Please fill out our contact form or call us at 02 6752 9700 to find out how we can help.

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