Revenue outlined some key advice and actions taken to assist small and medium enterprise (SME)*...
- Review your Finances.
Check that suppliers are being paid on time, and that you are up to date with tax and VAT returns. Also make sure your payroll is up-to-date, and review your debtors list – are late payers being followed up effectively enough?
It is also worthwhile reviewing your cash flow to check it matched expectation over the previous month/quarter, and to remind yourself of changes or potentially difficult patches coming up in the near future.
- Review Costs.
Spend some time looking at costs, including the deals you get with regular suppliers. When was the last time these deals were renegotiated and fully reviewed? Would it be appropriate to schedule that onto your to-do list or to task a staff member or manager to complete it for you? Have market conditions changed or are new services available that enable you to reduce costs in certain areas?
- Talk to your Accountant.
A conversation with your accountant will highlight areas of your business that can be improved and opportunities you might be able to take advantage of. It is always good to have someone give you a fresh perspective, and your accountant is in an excellent position to do this.
- Set a simple budget for the year.
Preparing a budget is usually the one time a year that a business focuses on the year ahead rather than today’s challenges.
You prepare a budget as a tool to help you lead, manage, and control the operations and finances of your business. There may be secondary users of the information, like your staff, who need to understand the company’s goals and progress. And if you have a bank loan, your banker will probably want to see the budget and the actual results.
- Get ready for taxes.
Now is a good time to get your information ready for your tax return. You may be due a tax refund.
- Financial Review.
It is important to continually monitor and review your financial situation. Life constantly changes and has a habit of bringing up unexpected events. If you have any type of business with a Life Insurance company, for example a Pension, Savings or Investment product, Life Cover, Serious Illness Cover or Mortgage Protection, reviewing these once a year to make sure you are on the right track is vital.
- Make a Will.
Make sure you have a will done it’s incredibly important. Have it reviewed by your Tax Advisor
- Make a Will for your Business.
Make a will for your business it is a separate entity and needs consideration.
- Review life outside business.
A successful business owner has to have a well-balanced life. That means looking after your physical health and mental health, spending time with family and friends, and having interests outside of work.
- Develop New Ideas.
Finally, take time to think about new opportunities for your business. This could be new product ideas, expansion plans, IT initiatives, or anything else that will help your business improve.
For further help with managing your business, or to get accounting advice.
