With Christmas and New Year’s feeling like a distant memory, it’s time to get down to brass tacks and focus on your business. Whatever happened in 2022, it’s a brand new year and you can set yourself up for financial success from the get-go. To help you get started, take a look at these tips to help you keep on top of your finances this year.
1. Set some SMART goals
When it comes to your business financials, having achievable goals in place is key. Have a think about where you’d like your business to be at the end of this year, and work backwards to see where you’ll need to start. Whatever goals you have, make sure they’re Specific, Measurable, Achievable, Relevant, and Time-Bound.
2. Check in on your cash flow
As you gear up for another busy year, it’s important that you know how much money is coming in, and how much is going out of your business. Are you buying more supplies when your inventory is full? Do you have certain clients who aren’t paying you on time and owe you money? Ask yourself the hard questions and you’ll be able to see where you might need to make some changes.
3. Keep your records up-to-date
It’s not the most exciting thing to do in your business, but having a good system in place to track your expenses, debits, and credits will help you come tax time. Rather than trying to pull it all together at the last minute and track down old receipts and numbers, do it as you go – 5 minutes of inconvenience now will save you 5 hours of pain later.
4. Review your insurance
The new year is the perfect time to take a look at the business cover you have in place. Have you hired new staff or purchased new equipment that’s not been updated in your policy? Could you be getting a better bang for your buck with a different insurance provider? Sit down with a financial adviser and review your current insurance policies so you know you’re getting it right.
Cactus is the insurance toolbox for Kiwi business. If you want to make sure you’ve got everything sorted for a successful year ahead, come and chat to us! We can help you with your cover, and we’ve got great mates who can help you get your numbers sorted too