End the Year on the Right Note: How to Finish the Year Off Strong

Cashmanager | 6 years ago

With October now in full swing, the end of the year really is just around the corner. As shops start to put up the first of their Christmas decorations, now is a great time for you to start planning to end the year on a high note.

Tidy up your accounts

It’s almost impossible to make smart financial decisions or plan for the start of the 2019 calendar year if you are unaware of how you're financially positioned. Thus, it’s important you take the time to go through your accounts and understand where you sit.

Whether you hire a bookkeeper or use CashManager by Accomplish it is critical you know how much has come in and how much has gone out so far. By doing a tidy up and review now, you’ll be able to start planning for any expenses or potential down periods that may arise during January or February.

Do you need to restructure your pricing?

Now you’ve got a clear picture of where your business stands, don’t be afraid to ask the tough questions regarding how things are going. Ask yourself, is your current model sustainable or do you need to switch a few things up?

If a change is needed, the start of the New Year is a good time to look at changing your pricing structure. Many smaller businesses or freelancers get caught undercharging their clients, simply because they need the work. However, if you are working flat out and not making enough, make the change. It is commonplace for businesses to increases prices at the start of each calendar year, and if your clients value your service, there shouldn’t be an issue.

Looking to bring someone onboard

Now that you’ve got a clear understanding of your financial position, would it be worth bringing someone onboard? Now is a great time to start making arrangements to expand your capabilities by bringing in a new employee. Even if they don’t start right away or the job ad doesn’t go out this side of the holidays, start factoring it in.

Reevaluate your tax requirements

In most cases, the majority of business owners generally only visit their taxes when crunch time is approaching. Unfortunately, this can leave them open to a frantic rush at the end of the financial year. Which opens them up to missing additional claimable expenses or overpaying tax or missing an opportunity to make meaningful changes to their business.

For example, if you are anticipating a spike in revenue during the holiday period, maybe it is time to reinvest some money back into the company. Additionally, start making preparations for any repayments you may need to make. Whether this includes trying to pay them back early or starting to put money aside now.

Update your public image

During the year it can often be quite hard for businesses to find the time to work on themselves. We often get caught up ensuring our clients' needs and wants are met, and our own business can be left behind.

However, now is a great time to designate a bit of time to work on your business. Set aside a couple hours a month to tidy up your social media profiles or update your website. It doesn’t have to be a full overhaul, but touching up your digital presence could really help generate new business come next year.

What is your shutdown period?

It is important to remember that you are human as well and that you deserve a break during the holiday period. While you may only take a week off, it is important you reach out and let your clients know when your shutdown period is.

However you do it, whether it be an EDM, a phone call or a post on your social, make sure you provide your clients with ample notice time. It is also wise to inform them of what you may be available for in this period. Make sure you set clear boundaries, for example, you may be on call if something drastic occurs but you won’t be available if they want you to post a status on Facebook.

 

The end of the calendar year has rolled around extremely quickly and before you know it it’ll be time to open presents and put your feet up. But, before we get to that point, it is important to start looking ahead to the start of next year. There are a number of things business owners can do today, to ensure they hit the ground running when everyone goes back to work next year.

If you are looking to get a better picture of your business’ financial position or clean up your books, check out CashManager by Accomplish and discover why it is New Zealand’s smartest accounting software.