And we’re off….the new financial year has started with all the high hopes that come with starting afresh. Harness that optimism and take steps to start the year with a bang!
Here are five projects that could help you kick off a successful year.
1. Create an investment plan to capitalise on new tax laws.
Starting from the May 2015 budget, new depreciation tax laws allow small businesses to make an immediate tax deduction for any individual asset costing less than $20,000. Last month small business owners were trying to decide what to buy before 30 June.
But the small business depreciation rules will apply until July 2017. So now that a new year has started, the focus should be on smart investment planning. Are there systems or items of equipment that need to be replaced? If so, this financial year is a good time to consider investing.
Create a cash flow budget to ensure that you will have the funds available for capital investments. If you need help pulling together the numbers give us a call!
2. Set up workflow technology to free up “big picture” time.
If you have been in business for a while, you will have a host of systems and processes that keep work flowing out the door. How much of your time is still being absorbed in managing those systems and processes? If the answer is, “too much”, then it might be time to consider automating your workflow.
A wide variety of apps are available to streamline business processes. You will need to explore what is available for the process you are choosing to automate and may discover that there are industry specific applications.
Getting set up is going to take time, so make sure you are committed before you jump in.
3. Start a knowledge base and central filing system.
Are you and your staff often operating on a different page? Do you feel like you don’t know exactly what’s going on in your business? Are you sick of having to tell people the same thing over and over? Well this would be a good year to get centralised.
First consider a central filing system. Create a shared method of filing and naming documents and images. This way anyone should be able to put their finger on a document quickly and easily. You will feel more in control and systems can keep running even when staff are absent.
Second start a knowledge base. Basically this is a centralised, web-based location for all those training documents and how to’s. There is a wide variety of knowledge base software available. Pick one that is easy to use. Get your staff to write brief articles about how certain aspects of their job are done.
Don’t think your knowledge base is going to be completed in a few weeks – in actual fact your knowledge base is probably never going to be completed. The key is to get started and to make adding, reviewing and updating a part of the way things are done around here.
4. Evaluate your company structure.
Having the right business structure is critical to growth, flexibility, tax effectiveness and asset protection. The beginning of the new year is a good time to review your current structure and make changes if necessary.
If your business is experiencing a significant increase in activity, profit and assets then it may be time for a structural change. Consider too if you have been developing intellectual property or business opportunities that could substantially boost your business value.
If you think it may be time for a change of business structure please contact your accountant for assistance in managing the transition to keep your costs and taxes to a minimum.
5. Review (or create) your business plan.
If you are still operating by the seat of your pants without a formal plan, then this is the year to get your business plan in shape! If you have a business plan then the beginning of the year is a good time to review your plan and ensure your team are on board.
Invest your time in thinking about your business: where you are now, where you want to go and the best way to get there. Don’t worry about creating a massive or beautiful document – keep it simple. There are a number of simple business plan templates available online.
If you want help with business planning consider using our coaching services. Our coaches are skilled in helping you to think through the issues and establish a simple and focused plan for business growth.