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The end of financial year has come and gone! 

With the start of a new year, it’s time to take stock of your Business. 

This is your opportunity to plan and prepare for a fantastic year ahead.

Take the time to review, refresh, and re-set your goals! And take the steps to shape your new financial year so you can look forward to celebrating future accomplishments and successes. 

Let’s get started, READ ON, 

7 Strategies to help you plan for a great year! 

1. Start by reviewing your finances. Importantly look at how much income was received and where it went. Major spends, costs for subscriptions, fees and similar charges. It’s knowing the ‘ins and outs’ of your Business activities. 

2. Organise your Records. Adopt sound Accounting practices and keep accurate records of all transactions for reporting purposes, audit and tax obligations. This process is essential to provide real-time of how your Business is performing and demonstrate your financial position. 

3. Cash-flow forecast. Every ‘successful’, profitable Business needs to keep its cash-flow healthy and flowing. The key is to closely monitor performance along with forecasting, projections and actuals. This process allows you to plan for possible shortfalls.  

4. Time-Saving methods. Time poor is the challenge for most Business owners but there are some small steps that can help you free up your time. Setting deadlines, realistic times for important tasks, prioritizing, and delegating when you can are some strategies. Also examine your practices around handling mail and emails so you are not multiple responding. 

5. Technology is your new best friend. Seek ‘tech’ expert help if needed to explore if and what systems or processes can help you better manage and grow your Business. For example, HR software and automated or improved equipment can provide time and cost savings. 

6. Review goals and raise spirits by celebrating your own and team's achievements for the past year. Plan ahead, revisit and reset goals to set the scene and expectations with team for the coming year. Get buy-in, by bringing the group together with Workshop Planning activities.   

7. Engage an Accountant. Take the worry out of managing the numbers and books and tax matters. Speak with Blackburn Accounting about your Business needs, we are your family Business specialists, offering a range of services which include Family Business management, Cashflow management and Business development. We can help you plan for a Happy New Financial Year!