When people hear new year’s resolutions, they often think of 'joining a gym' or 'eating healthily'. But have you thought about creating resolutions for you business? A resolution, after all, is a commitment to do something differently to bring about a positive change.
Our top four resolutions for your inspiration:
1. I will keep on top of my record keeping
Recipt bank collects your financial transactions instantly, with no data entry. Ryu uses this app himself and highly recommends it.
For individuals, the ATO app myDeductions takes the hard work out of monitoring your deductions or scrambling at the end of the year to locate all your receipts.
2. I will learn to manage my cash flow more effectively
Your inward and outward cash flow is what keeps your business going. Research shows that businesses that have good record keeping and that regularly monitor their financials are more successful.
As your accountant we want to see you succeed in business. We can build live, bespoke dashboards that reference actual, forecast or budget data. We can help you join the link between human output and organizational success and ensure you have cash at the critical times.
3. I will take on what I can manage and delegate what I need to
One of the reasons people go out in business on their own, is so that they have more time to do what they love. However more often than not, they business owners find that they are working more than than ever before. Work to live, don't live to work, find your balance.
For the person who takes on too much responsibility and has difficulties delegating, the book 'The One Minute Manager Meets the Monkey' is a great read.
4. Have a plan
Failing to plan, is planning to fail. Too often small business owners can get bogged down in the daily management of a business and don't prioritise stepping back for a moment to re-evaluate their plan and goals. Planning and goal setting provides direction, motivation and a clear way to measure progress. To step you through the process, free templates can be accessed at Business.gov.au