7 step checklist for your business this new financial year
It’s the beginning of the new financial year which means it’s time to review, reset and plan for the year ahead.
Here are 7 steps to help your business start the new financial year out right.
1. Assess your finances
Sit down with your accountant or bookkeeper and review your business finances. Look at whether you met your targets last financial year and what you can do differently this year to help your business grow.
2. Check your registrations and licences
Your business operations may have changed throughout the year, so it’s important to take stock of the current licences, permits and registrations your business holds.
3. 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 to comply. It also help you to keep track of how your business is going financially.
4. Update your business and marketing plans
Take time to set yourself up for the year ahead. Updating your business and marketing plan can help you review your goals and priorities, and assess whether your business strategies are working.
5. Get support and advice
Running a small business can be overwhelming and requires a variety of skills. From marketing to balancing the books, it’s important to remember not to be afraid to get help when you need it.
6. Review your insurances
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.
7. Backup and secure your files
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.