Every year, we all vow to follow our New Year’s resolutions.
From losing or gaining weight, quitting smoking, vowing to be more productive, kinder, becoming a better version of oneself, the list goes on.
A New Year’s resolution doesn’t only apply to our personal lives. You can also create an impactful plan or resolution for your small business. After all, a resolution is a positive change that you can bring about.
The question is, are you ready to make some powerful changes in your business?
If so, here are some possible resolutions that might help you this upcoming year.
Learn how to manage your cash flow effectively
According to Xero’s research: nearly one in two small to medium enterprise (SME) owners have gone without any pay when cash got tight. An additional 17% of SME owners have maxed out their credit cards to cope with cash flow problems.
The research also showed that:
- 28% of businesses don’t have any provision in place for when times get tough.
- 6% are unsure whether they do or not, or what they would do in tough times.
Avoid financial hangover
71% of SMEs are expecting their revenue to drop over the summer. Experts says that to overcome this, you have to give a little love and attention to your finances.
Aside from that, it is advisable for small businesses to try to get their invoices done as soon as possible to avoid cash flow hangover.
This is very important because this could create a roll-on effect for chasing late payments which could lead to cash flow troubles.
Accountants and financial advisors at SoCo Tax & Cloud Accounting could offer you advice and actively manage your credit control and debtors.
Planning for the Year ahead
It would help if you have a little planning to lessen the pressure and stress in the new year.
This can be anything from implementing new tools to seeking professional advice to manage cash-flow. It is a great time to take a moment and prepare ahead in the new year.
Grow your team and delegate more
Never work more than you can handle, which would take away your ability to to focus on growing your business. Start to build your team and learn how to delegate effectively.
Put these tips into action and be ready for 2018! Lets bring our resolutions into fruition. Happy New Year to all!