What’s top of your To Do list for 2024? If fitness goals are top of the pops for you, have you included your finances?
To get your year off to a good start, we’re sharing a range of suggestions to get your finances into shape, and hopefully without the amount of sweat the gym will involve.
Many business owners come back to work after Christmas with a string of good intentions, but workload gets the better of them. This year, set some time aside to invest in your financial health and reap the rewards later on.
- Review (or write) a business plan with clear KPIs and business objectives. This will make it much easier for you to monitor progress, apply for funding and plan for growth.
- Get in the habit of checking your key business metrics at least once a week, and your bank balance once a day. If you know how much cash you have, what money is owed or owing, and your profit levels, you’re in a better position to make decisions.
- Invest in a bookkeeping system if you don’t have one; it saves a lot of time if you can generate invoices and reconcile your bank transactions as you need to, which might be on your mobile or in the car. Cloud accounting is a game changer.
- Carry out a review of your main fixed and variable costs to see if you can save money, or get a better deal. These may include bank charges, business rates and subscriptions.
- Take a look at your funding, and get some advice on whether you have the right finance in place. If you plan to grow, or need more stock, or need capital investments, then now is the time to get your funding sorted.
- Write all your main financial dates in your diary, such as tax deadlines, VAT deadlines, year end etc. Then you can plan your time accordingly and take some of the stress away.
As always, individual businesses need individual attention and what’s right for one business won’t suit another. We work with businesses of all shapes and sizes, across the UK. Get in touch and we’d love to talk to you.