The new year is seen by many as a fresh start and the perfect time to get everything in check for the 12 months to come. Things should be no different for your small business. After all the celebrations and merriment of Christmas has subsided, here are two things for your small business to consider heading into January and beyond:
Review and set goals
Going over what your company did well and not-so-well may sound relatively simple, but actually sitting down and putting it all down on paper or into a presentation will make your yearly results easier to understand.
Whether your business has had a good or bad year, now is no time to rest on your laurels. Once you've identified your company's strengths and weaknesses, setting up a system of targets and goal for the year to come is the next step.
Furthermore, as you begin to meet those, be sure to incentivise staff by offering both individual and group rewards and benefits.
Get your finances right
There can be nothing worse than starting a new calendar year with an unbalanced ledger. For example, knowing exactly when your taxes need to be filed with the Inland Revenue Department (IRD) can prove to be crucial.
Two of the important dates to keep in mind are:
- GST to the end of November; returns must be submitted by January 15.
- FBT for the quarter to the end of December; the IRD will need your information by January 20.
The new year is also the perfect time to consider any further taxes you may need to declare. If you are self-employed in any field and have been undertaking cash-in-hand jobs thanks to increased opportunities over the Christmas period, that money must be declared to the IRD.
Keeping track of the capital making its way in and out of your business doesn't have to be laborious. Implementing small business software such as CashManager from Accomplish can help you get a better handle on your company's cashflow, into 2015 and beyond.