OPINION: Top 3 things your business can improve this financial year
THE new financial year always brings lots of promise and expectation for business owners.
At this time of the year there is always so much to do, my recommendation is to focus on a few small but important things and do them properly.
Following are three things that our clients find very useful and easy to implement at this time of the year.
1. Pay yourself a wage (or a set amount).
This allows business owners to have consistency around their personal income and draw a line between them and the business. It also gives their business the best chance to grow as we normally find business owners pulling out more and more money in an unstructured way as the business tries to grow.
2. Do up a budget. I know this sounds obvious but how can you strive for something if you don’t have a clear picture of it? Once you set it up, the key is to consistently measure your actual figures against the budget. This makes the year a lot more enjoyable when you are able to celebrate those wins.
3. Do something differently.
This is something I cannot stress enough. I urge business owners to look objectively at their business and the areas that cause them grief and make an effort to not go through another year with the same problems.
We regularly see simple ways for clients to make more money and eliminate areas of concern, this is the best part of having your own business, being able to make changes and enjoy work more. The old adage is very true, ‘if you keep doing what you have always done, you will always get what you have always got’.
The time for change is now, particularly while the new financial year is fresh.
Scott Baker CPA is a director of Birtinya-based Mobbs Baker Wealth.