It’s nearly the beginning of a new financial year.
Which means it’s time to review, reset and plan for the year ahead.
Here are 7 tips to help your business start the new financial year out right.
- Sit down, assess and review your business finances, and if available get guidance from your accountant or bookkeeper. Look at whether you met your targets last financial year and what you can do differently this year to help your business grow.
- Your business operations may have changed throughout the year, so it’s important to check your registrations, permit and licences that your business holds.
- It’s a good time to review your bookkeeping system. Not only does keeping good records make running your business much easier, depending on your industry, you might need to keep certain records for compliance reasons. It will also help you to keep track of how your business is going financially.
- Take time to set yourself up for the year ahead by updating your business and marketing plan. It can help you review your goals and priorities, and assess whether your business strategies are working.
- Running a small business can be overwhelming and requires a variety of skills. From marketing to balancing the books, it’s important to get the right support and advice when you need it.
- Check that you have the right insurance policies in place for your business, particularly if your circumstances have changed. You may need to update your level of cover if you’ve moved locations, started employing people or changed your business structure.
- Backup and secure your files and don’t leave it until it’s too late. Backup and store your business registrations, financial information and customer data and other important business documents in a secure off-site location.
Original Article: https://www.business.gov.au/news/7-tips-to-help-you-in-the-new-financial-year
Business.gov.au has a wealth of information for small business owners
© Commonwealth of Australia 2016 – Department of Industry, Innovation and Science
