Step

Starting on the right foot, it’s critical if you are competing in the 100 metre sprint and equally critical if you are a small Business owner. 

As we begin a New Year there are actions small Business can take to compete in the race and achieve the success they desire in 2025. 

Get started with these 7 Actions 

  1. Prepare, Plan for Success. 

Schedule a Strategic Planning Day. The Team is returning refreshed, now is a good time to harness renewed energy into creating a Strategic Plan and roadmap. A Plan that can direct and inform all members. Importantly, with their participation it has buy-in from the entire Team. Buy-in, that provides the greatest chance for success with everyone starting off on the ‘right foot’. 

  1. Check your Cashflow 

Is your cash flow flowing or has it drained away during the festive period? Take action to replenish and fill any capital holes. Speak with your accountant or financer if needed. Importantly, contact your creditors, arrange payment plans and negotiate extensions with your Suppliers. Be upfront, don’t avoid or put it off before acting. Need help, speak with Blackburn Accounting we offer a range of services which include Cashflow Management, Family Business Management and Business Development. 

  1. Review your Products and Customers. 

Review your revenue and gross profit. What are your popular lines, best sellers? What are sleepers, do you need to make changes! Add, improve, keep, discard!  

Review your customers' buying habits, consult with them, seek feedback. Value their input. These actions can help in determining your focus in 2025. This is also a good time to consider pricing. Are increases needed. It’s vital you keep on top of this during cost-of Business pressures and a challenging operating environment. 

  1. Tax Matters 

With the February deadline for BAS and Superannuation payments to the ATO don’t put it off if you have concerns about meeting this deadline. Speak to the Tax Office asap, consult with your accountant. Blackburn Accounting can advice you on tax matters and provide the answers you need to operate a successful Business that’s running at peak performance.  

  1. Make your Marketing work! 

Marketing is more than flashing neon lights, gimmicks and jingles. Create your Marketing Strategy by understanding the key elements of a Marketing Plan; to identify, reach, and engage your target audience. Showcase your wares, raise brand awareness and develop your Uninque Value Proposition (UVP). Read more at https://www.blackburnaccounting.com.au/blog/279-10-tips-to-creating-a-memorable-marketing-strategy 

  1. Take Stock 

Take stock of inventory, both products and storage, floor space. All cost money. Avoid stockpiling, particularly if there is a downturn in demand. Start actively running down your stock levels and clearing excess. This helps reduce cost overheads.

  1. Communication is Key 

Effective communication is key in fostering and building ‘healthy and sustainable’ relationships across all areas of Business. Whether dealing with Customers, negotiating with Supplier's, engaging Industry, or Staff relations. How we connect, or not, miscommunication, determines the outcomes to success or otherwise. Has your message been received as intended or at all! Develop the necessary skillset to make your communication efforts work. Watch this space for more!