It’s coming up to a new financial year and an opportunity to reignite your business.
But in order to do this, you first have to clear the clutter, the distractions and the “But do I have to” thoughts and attitudes so you can build a simple, profitable business you actually love.
But the question is … Will you use April, May and June to get organised for a cracking new financial year? With new opportunities just around the corner, now is the perfect time to stop procrastinating and invest some time and money in your business systems.
So, here are 20 simple tips to get your business back on track and moving again:
- Review your current budget and develop the 2018/19 financial year budget.
- Contact your accountant to determine if any upcoming purchases should be made now or next financial year.
- Contact any external stakeholders including consultants and suppliers to help determine your fees for the new year.
- Set aside time to hold annual performance reviews with all staff to:
- Review performance.
- Address outstanding issues.
- Set or reaffirm expectations and goals.
- Determine annual training needs.
- Gain feedback from staff on your performance.
Remember to not only provide your staff with a copy of the agreed outcomes but to review them periodically over the upcoming year.
Proposals and invoicing.
- Update your business proposal templates with new fees and, if you haven’t already, develop different templates based on the different types of projects you do.
- Ensure invoice templates have consistent wording and develop templates for the different types of payment such as deposit, progress and final.
- Ensure your charge out rates include all business costs such as time for administration work (filing, invoicing etc.) and any salary changes.
- Issue invoices once work is completed, rather at the end of each month; collect deposit, progress and final payments.
- Follow up outstanding invoices by offering payment plans or discounts to encourage payment; utilise a debt collection agency as a last resort!
- Follow up any leads to generate work for the upcoming months.
Emails and electronic files.
- Always handle emails once only and use the principle: Do it! Diarise it! Delegate it! Delete it!
- Declutter your inbox and sent mail folders; move relevant information into folders, save to a file or delete.
- Sort out your electronic folders into meaningful groups, and archive or delete any old information.
Your desk and office space.
Start the new day, month and year fresh – make sure your desk and office space are tidy and organised:
- Set up trays or label shelves in your office for ‘piles’ of paperwork. This will help you see exactly what you need to action instead of continuously sorting through one large, unmanageable pile.
- Get your filing up to date, and then make up new files and folders ready for the new year.
- Shred old or unnecessary information; the ATO requires you to keep business records for five years after they are prepared, obtained or the transactions completed (whichever occurs later).
- Archive files you no longer need on hand in protective containers free from vermin, dust and water; clear plastic crates are useful.
- Put copies of previous work you would like to keep, but don’t need, in a display book to show to clients as samples of your work.
- Establish a process so you can visually see where your jobs are at, such as a whiteboard, calendar or outlook or a project tracking software program.
- Tidy up your stationery cupboard and order any essential items on a monthly basis.
So how will you start the 2018/2019 financial year? Planning, preparing and positive or procrastinating, parked and pessimistic?
The 3 ‘p’ choice is yours!
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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