The start of every year is a great time for reflection, goal setting and celebration. As we step out of 2016 and into 2017 we will all make new year’s resolutions, some of us will be able to stick to these better than others.
For the coming year, my personal goals are very generic; eat well and start exercising (again) and spend more time with loved ones. But this got me thinking about the goals and reflections of you, our clients and business owners a like. What are your goals for 2017?
There are any number of things that we, as your business advisors, can do to assist you in not only reaching, but exceeding your goals in 2017. Whilst the solutions we have are tailored to each of our clients, I wanted to give you the top five points which I believe, will assist in maintaining or improving the health of your business in 2017.
1. Trim your unnecessary expenditure
Whilst you must spend money to make money, there are always expenses which can be can be trimmed. It is important to remember, for every $1 you spend the tax you save is a maximum of $0.49. So instead of buying the latest new computer on the market, stick with your current computer, even though it may be last years’ model.
2. Pay Superannuation on time
Did you know that if you pay your superannuation late it is non-deductible? Set a calendar reminder for the below dates to ensure that your super is being paid on time.
- 28 January 2017
- 28 April 2017
- 28 July 2017
- 28 October 2017
If you would like to know more about super deductibility, contact us or read our blog on this by clicking here.
3. Review and chase your Debtors
Every accounting package has reports that you can use to track your debtors and outstanding invoices. By using these reports on a regular basis, you can increase your visibility on problematic customers and collect outstanding amounts sooner. Why not use this as an opportunity to review your payment terms for these customers, perhaps to COD.
4. How do you measure up against your competitors?
The old saying “keep your friends close and your enemies closer”, at its core applies in business. It is very important to monitor your competitors and ask yourself:
- How does your service differ to your competitors?
- Is the service you provide superior?
- With regard to the service offering differences, how do your prices compare to your competitors?
Ask your customers these same questions and more by setting up an online survey and rewarding them for using this. For example, a café may offer a free coffee with a purchase for completing the survey or a consulting business may offer a rebate of up to $100 on their invoice to one customer who completes the survey.
5. Visit us in the new year
We would love to meet with you to further discuss any concerns you have in your business. We have a number of tools that may assist you in improving the health of your business and helping you sleep better at night.
So in 2017, start the year with your best foot forward and commit to your goals. Use the above tips to get started and come in and see us. We would love to hear what your goals are for the year and help shape your future.