Home' Border Enterprise : May 2013 Contents ENTERPRISE DIRECT MAY 2013
Busy Bookkeeping. Renae Pitargue.
Plan to have a
happy new year
However, this is valuable time that could
be better spent planning for the year
ahead, according to Renae Pitargue of
Busy Bookkeeping which is now part of
the First Class Accounts franchise.
Ms Pitargue says the period between now
and June 30 offers the perfect opportunity
to reflect on the last 12 months and
develop a growth strategy for the coming
"The new year presents a fresh start and
requires a strategy to ensure your business
is as profitable as it can be," she said.
"Planning for the next financial year reduces
financial risk, leads to business growth,
encourages you to prioritise and focus and
prepares you for every eventuality.
Ms Pitargue has several tips to help local
businesses to plan for success this year.
1. ORGANISE YOUR RECORDS
It's important to keep your records in order
all year round so that you're not in a panic
at tax time. Filing and keeping receipts, for
example, is a must.
2. SET NEW FINANCIAL GOALS
Now is the perfect time to assess your
progress over the last 12 months. Decide
if you achieved your financial targets and if
you didn't, do you know why not?
Following a review of the previous year,
you'll need to set new financial goals and
objectives for the year ahead; budgeting
is an essential part of this. Develop a
comprehensive financial plan that will
guide you through the next 12 months.
3. REVIEW YOUR BUSINESS PLAN
While a budget generally plans for the
next 12 months, a business plan often
looks several years ahead. Use the end of
this financial year to reassess your current
business plan, adapting it to reflect your
new or revised business focus.
4. MAKE SURE YOU HAVE ADEQUATE
A revised business plan is likely to include
growth plans. Make sure you have the
financial support you need to achieve your
strategy by visiting your bank manager
to discuss cashflow and any necessary
banking products/tools you might require
over the next 12 months.
5. FOCUS ON SALES GROWTH
Sales growth is necessary for the health of
a growing company so take time to make
sure the necessary plan is in place to grow
your sales. Ongoing sales performance
training, for example, is key to ensuring
6. CREATE ADDITIONAL REVENUE
'Monetising', which involves adapting
non-revenue-generating assets to generate
revenue, can make extra money for your
7. DON'T LEAVE TAX UNTIL THE LAST
It may seem a long way off but make sure
you get started on your end of year tax
return well before the June 2014 deadline.
There are measures you can take ahead of
time to help maximise your tax return such
as deferring income and pre-paying some
8. ASSESS YOUR EXPENSES
Consider prepaying expenses you know
are imminent or delay them until next year
depending on your profit.
WITH the end of the financial year looming, many small business owners are likely to
spend the coming weeks and months tied up with gathering records and completing
or call Helen 0415 676 355
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