Happy new year! As 2020 begins, right now is a good time to reflect on your business’ progress over the last year and plan the year. Don’t forget to make New Year’s resolutions for your business to grow and reach new heights this year. Here are some resolutions that can be helpful for small businesses in 2020:
1, Give your business a financial health check
Many small businesses were hit by cash flow problems last year. To avoid the same fate, take a serious look at your business’ balance sheet and its profit and loss account. Consider whether you have sufficient headroom and is there anything you can do to improve? For example, do you need to spend more time chasing late payments, or could new financing facilities provide an answer?
2, Boost your marketing efforts
Marketing is always an important part of operating a business. Good marketing attracts customers, keep them loyal and encourage them to recommend your service/product to others. In other words, it raises company profits and reputation. If your company hasn’t focused on marketing, then you should do it now.
Customers are important – always do your research to see what they look for in a product/service. Keeping up with trends is also important to market your product/service better.
3, Make your customers happier
This year, why not talk to your customers and see what you can do to make them happier? Happy customers will keep coming back and refer to friends and family members to you. By listening to them and collecting feedback, you will know what you need to do better.
4, Stay updated with tax laws, regulations, and deadlines
Make sure to talk to your accountants to ensure that you are up-to-date with all tax laws and regulations that may affect your business. Ask them for filing deadlines and set up alerts and reminders for the year.
Action plan: Talk to our expert accountants today for advice! Give us a call or book a consultation on 07 3367 0852.