5 Top tips on how to start the new financial year with a bang!
Happy NEW YEAR!
Happy FINANCIAL new year!
Now that the 2022 / 2023 financial year is behind you what’s next? Start 2023 / 2024 with a clean slate!
The beginning of a new financial year is the perfect time for you to reassess your financial strategies so you are set up for success!
By focussing on key areas and implementing effective practices you can position your business for growth, improved financial performance and have peace of mind knowing you have a plan.
Here are 5 top tips to start the new financial year with a bang!
- Review your 2022 / 2023 financials.
Take the time to review and analyse you statements from the previous year.
This will assist you in identifying trends, the businesses strengths and weaknesses, as well as show opportunities and areas for improvement.
Documents to review and analyse:
- Profit and Loss
- Balance sheet
- As well as the other KPIS around your business.
- Set your 2023 / 2024 financial goals
Based on your review and the opportunities, now is a great time to establish your short and long terms goals to ensure that they align with your business vision and ensure they are achievable.
These goals may be set around:
- The financial goals that you want to achieve.
- Any activities, projects or strategies that you want to start, complete, or add into your business mix.
- Consider your cash flow management
Effective cashflow management is essential for your business to remain in a healthy financial position.
Cashflow processes, and strategies that optimize cashflow may include the following:
- Adding or removing product lines that were not profitable.
- Review and consider pricing strategies and changes.
- Incentivize those who pay early, or once off vs Monthly payments.
- Renegotiate supplier payment terms.
- Review your insurance cover
Asses your business insurance cover to ensure it adequately protects your assets, revenue and family.
These may include:
- Professional indemnity insurance
- Asset protection insurance
- Business insurance
- Public liability insurance
- Cyber security insurance
- Any other insurance policies that you have or need to add to your portfolio.
- Engage with your bookkeeper and accountant
Take the time to engage with your bookkeeper and accountant to review your past years financial performance, as well as discuss your new year financial goals.
You can seek guidance on:
- Tax planning
- Financial strategies
- Risk management
By following these top 5 tips you will be in a position to take a proactive approach to setting yourself and your business up for success!
If you are wanting to work with a bookkeeper who is able to work with you to ensure that 2023/ 2024 is all you wish it to be and more, I invite you to reach out to me so we can have a chat and see how I can help you.