We all hoped 2021 would be a fresh start, but It’s safe to say we all finished the year a little worn out. Make 2022 a better year for your business with these tips below.
Set goals for the year
As you begin the new year, it’s important to reflect on 2021 and determine what financial goals you’d like to set in 2022. Are there any short term goals you would like to achieve this year? What can you do that will work towards your long term goals? Find a way to measure your progress so you can celebrate your wins along the way and get motivated!
Review your cash flow
It’s essential to review your cash flow as you begin the new year. Even if you’re making high profits, you may have cash tied up in overstocked inventory, or maybe your clients aren’t paying you on time. It pays to have a good idea of your incoming and outgoing payments to see where your money is getting bottlenecked so you avoid struggling to pay your staff and any unnecessary stress.
Keep up-to-date financial records
You could risk losing money by failing to keep up with late customer payments or missing a payment to your suppliers if you’re not keeping your records up to date. Use a good system to help track expenses, debts and creditors. It will also save time and money on accountancy costs.
Make sure you’re covered
After working hard to get your business in a good place financially, you need to make sure you are covered in all the right places so you avoid costly expenses down the road. It’s helpful to sit down with an adviser and talk through all of the assets in your business and be aware of what may or may not be covered so you can get the right insurance tailored to your needs.
Here at Cactus, we’re the insurance toolbox for Kiwi business, so if you want to make sure you’ve got everything sorted for the year ahead, come and chat to us!