New Financial Year Resolutions?
Jul 11, 2014
A New Financial Year, A New Wealthier You!
The beginning of a New Year traditionally sparks New Year’s resolutions. Why not for a new financial year, a new healthier company?
Lots of small changes all add up to achieve what you want to achieve.
A big one for me each year is to go to the gym, eat healthier… all to get the perfect body and a better lifestyle.
What do you want from your business, in your new financial year resolution? Take that mental image of what you want it to be; and make it your goal. (Bonds get around 4% return in 10 year locked periods. You should expect your rate of return to be much greater than that.). Take that goal, and chip away at it in small pieces. Don’t make it too big or it will be too much.
Increase in margin, better use of assets, upselling clients, outsourcing tasks that can be done cheaper than in house personnel. Make small steps to changing your companies “professional lifestyle”, and by this time next year you can take a look back and see how far a few small steps took you.
Date night: get to know your business.
What drives your business? What direction do you need it to go to get a better margin?
Financial drivers are key; and you need to find the right “levers” in your business to push in order to give a better outcome. It is pointless selling more in one area of your business if you ultimately end up making less profit and detract from the “perfect new financial body”.
Make it Happen
Now you’ve decided what you want, and what direction you need to go; do it. Going to the gym at 5:30am every morning on week two is the hardest. It’s no different here; do the financial modelling to work out what you need to do to make it happen (and don’t be afraid to ask for help with this) and do it!
Change costs money, cash truly is king. Cash flow is CRITICAL to business operations; you’re going to need it for growth, stability and confidence in the business.
As always, Tropical Business Solutions is here to help you achieve at your business.
- Bookkeeping (We help with debt collection and cash flow planning here too!)
- ATO Lodgements for BAS & IAS
- Payroll & Superannuation
- Training for your Staff & Temp Staff
We’re big on service for Small & Medium Business, every time!
Give us a call on 08 8922 0000.
Director, Tropical Business Solutions
Director at Tropical Business Solutions.