There are many ways to start the new financial year strong, and many business owners fail to take advantage of this mindset. Many businesses roll into the next financial period without doing much introspection, which leads to a cycle of making the same mistakes again. By carefully planning and managing business processes, these businesses can dramatically improve their performance. Here are some of the best ways to make sure your business starts the new financial year off right.
Lead with your business’s mission and vision, but be flexible
As a small business owner, you must take decisive actions on a daily basis. One way to help with the decisions is to fall back on your company’s mission and vision. This allows your to be empathetic, authentic, and purposeful in your decision making. With that being said, you must also be flexible in an everchanging business environment, but always fall back to why you started with business. This can be applied to all aspects of your business, especially in your finances.
Identify your operational pain points, focus on solutions
As you know from being a small business owner, you wear many hats, sometimes, all the hats. There’s no perfect solution for your small business operations, but you can take steps to make the run smoother. This starts with identify your operational pain points. Take note of the tasks that are slowing you down, do some research to find the best solution for your business, and compare the market. Don’t be afraid to reach out to other small business owners within your community via LinkedIn or Facebook or partner with TSAT!
Secure a BAG
If you’re a rap/hip hop fan you’ve likely heard of securing the bag. However in the context of your small business it means: Big. Audacious. Goal. The start of a new financial year is the perfect opportunity to think big, reassess your business’ ambitions and start making positive changes that align with your unique BAG. Your goal should align with your mission and vision and it must be visionary, challenging, and measurable. For instance, if your company currently does 250k in annual revenues, my BAG will be to do do 1.5 million in revenue!
Adopt a mindset of preparedness
Expecting the unexpected eliminates some of the stress associated with the unknown. Going beyond expectations and moving towards preparedness is the next step for a business owner. In simple terms, be prepared for anything. Where to start? Take a hard look at your cash flow, including overhead costs, wages, assets, cash reserves and debts. Once you’ve established the financial health of your business, start creating a financial plan for various scenarios.
Take care of yourself, business owner. Before you can think about your business, you need to focus on your health. Although the financial aspect is important, you need to remain mentally and physically healthy. According to the American Psychological Association, forty percent of U.S. adults report having problems with mental health or substance use. Taking care of your mental health will have a positive impact on your business and finances. A good way to stay healthy is to spend some time each day meditating, exercising, and eating healthy.
Identifying goals that align your business with the direction of your company’s growth. While you may not know what to focus on, EOFY is the best time to evaluate your business and plan for the future. A clear plan will help you achieve your goals. And remember, if you haven’t already done so, this is the time to start. So, go ahead and get started on the right foot. Your company will thank you for it!
At TSAT, we know that a great businesses need to operate at high levels of service, accuracy, reliability, and throughput. We also know that the only way to ensure these things are achieved is to develop a comprehensive set of accounting and finance policies and procedures and to regularly train all personnel involved in the management and control of the company’s software. Only by taking steps toward accounting, quality assurance, and finances can a small business accounting department expand its business and improve its profit margins. It takes a little work to make sure that every aspect of small business accounting is running at full capacity, and we are here to help!
Here at TSAT, we are not simply tax preparers. We work with you to provide a 360-degree strategic financial advice, including small business operations and investment guidance. We will help you stay ahead of the curve when it small business or personal investments!
If you are a gig worker or small business owner looking to grow your business, TSAT’s AMAZING team considers much more than just your taxes!
TSAT’s Services will let you focus on your business’s core competencies! Whether you have a small business or you need help personally, TSAT can give you HOPE! Call us today!
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