As a time poor business owner the end of the financial year can be a stressful time for you. Here are my top six tips for reducing the end of financial year stress and getting your business off to a great start for the 2014/15 year:
1. Putting the best team in place
You are not alone. Putting a great team in place is a great way to relieve the stress and headaches around the end of the financial year. This does not mean you need to employ a lot of people, but can be putting together a team of independent professionals and outsource the function to them. Some professionals who should be on your team include your accountant, bookkeeper, business coach, marketing consultant & systems administrator. By outsourcing non-core functions in your business allows you to focus on the core activities of the business so you can work on the business rather than in the business
2. Review & Plan
Reviewing how your business has gone this year is important for two reasons – it allows you to celebrate your achievements in the past year and also to highlight the weaknesses and opportunities for the business. Review the areas of the business where you have seen the most growth in terms of sales. Reviewing the areas of the business that have not grown is equally important and putting in place actions steps to improve these. Doing a full review of your operating costs and identifying those costs that can be eliminated or reduced will improve profitability for the business.
Setting a financial budget along with a series of key performance indicators allows you to track the business’ performance on a monthly basis.
3. Get up to date with the […]