As we start 2023, now is the perfect time to re-evaluate your business, its’ goals and its’ challenges. New Year’s resolutions may be a little cliché, but they can be thought of as a good way to focus what you want to achieve and keep it simple. Think of them as objectives or goals, and a new year brings all sorts of possibilities. Whether you are pushing for growth or simply retaining business, here are some of our top considerations for this year.
- Simplify decision-making and understand your financial situation. Using up to date, quality information from regular management accounts, supported by cloud accounting software like Xero, is the perfect starting point. This data will help you keep an eye on costs and how to reduce them and improve your cash flow forecasting.
- Re-visit Your Business Plan and re-think where necessary. Probably produced at the start up stage of your business, maybe as a way to gather funds or investment. It’s time to look at it again and consider it as a guide to achieving long and short-term goals, are you on track with what you had planned? Has your business branched down a different avenue? Your business plan can be changed and updated to reflect where you are – it can be thought of as an ever-evolving document. The beginning of the year is a good time to determine if any changes should be made to it or to the way you are conducting your business in 2023 needs to be focused or simplified.
- Proactively decide if your business could benefit from additional funding. Do not let a recession, or fear of it, alter your business growth plans. As accountants and business advisers, we can help you to identify which solution is right for your needs and support you with any associated applications.
- Find and retain good staff and create a positive work environment. Recruitment is a costly process so understanding the career goals and objectives of your current team as well as validating their value will help you keep the talent you have. If you wish to add to your staff, you need to communicate what you offer and why a candidate should consider joining your company, it is not as simple as £££’s. Post pandemic, think about what the new ‘normal’ working environment is. Back to the office, working from home or a hybrid mix, 5 days a week or condensed hours. It is important to maintain flexibility and strike the right balance with both your company and employees needs to ensure a positive environment, and in doing so keeping staff happy, motivated, and productive.
- Review your tax liabilities. Its easy to view tax planning as overly complex. With forethought and careful planning we can review your activities, taxable income, and investments, and establish a plan of action. Based on this assessment we at Glow Accounts can ensure you are not missing that the opportunity to save significant sums of money.
- Network, Network, Network. Making and keeping connections can benefit both you and your business. Set yourself a simple goal of connecting with a new contact each month. Building these relationships not only helps company growth but will offer support for you too. You are not alone, use good advisory input to your advantage as the business owner, a ‘problem shared is a problem halved’.
