New Year’s Resolutions for small businesses


You’re probably used to setting personal new year’s resolutions such as going to the gym more often, quitting smoking or drinking more water, but what about resolutions for your business?

Starting the new year by setting business goals and writing a list of changes or improvements you’d like to see can be a great way to motivate you to get the year off to a good start.

If you haven’t yet given any thought to 2019 New Year’s Resolutions for your business, here are 5 suggestions to get you started…

 

  1. Manage cashflow more effectively

If you’re not on top of the money coming in and going out of your business, this is an important goal to set yourself in 2019. To improve your cashflow you could try things such as leasing rather than buying equipment, working out where you can cut costs, issuing invoices quicker and chasing late payments promptly, and offering customers easy ways to pay to ensure you get paid faster, such as online and mobile payments.

  1. Revise your pricing

Has it been a while since you set your prices? It’s important to revisit your pricing every so often, compare with competitors, and check whether you are over or undercharging. If you can raise your prices then this is of course great news and will result in more profits. Lowering your prices doesn’t have to be a bad thing though, it may well bring you more customers.

  1. Go digital

With Making Tax Digital coming into effect in April 2019, it’s more important than ever to make sure you have the systems and software in place to submit your tax returns online. Take time to research and find the best software for your business, making sure that it has been approved as compatible by HMRC. Two popular options to look into are Xero and Quickbooks.

  1. Get help

Did you spend a lot of time in 2018 working through your tax assessments and VAT returns? If this doesn’t come naturally it will take up far too much of your time – time that should be spent doing what you do best. Hiring an accountant to do this work for you could take a big weight off your shoulders and help to ensure you don’t face any penalties for errors or late submissions.

  1. Focus and be more productive

If you find yourself easily distracted with things you could delegate to others, or even by spending hours on social media, make 2019 the year that you focus on the bigger picture and increase productivity. Write lists, limit distractions, delegate, and focus on one thing at a time.

 

What new year’s resolutions will you set for your business in 2019? If you need some advice on cashflow, payroll, or help submitting tax returns drop us a line.