The crossover into the new financial year can be a busy and overwhelming time for small businesses. However, it can also be an opportunity to refocus your goals and refresh your business strategy ahead of the new financial year.
Here are my top tips to ensure that your small business is on the path to growth in the new financial year:
1. Consider what it is you want
Begin by taking a look at your business as it stands. Revaluating goals and identifying concrete objectives to guide your business through the New Financial Year is an important process for achieving these goals within your chosen timeframe.
You should also consider where the opportunities for growth are within your business so you can water them. Brainstorm ways of optimising your business as is, or creating new avenues such as new products or services for your customers.
2. Paperwork
Having an organised filing system for documents associated with your business can help to fix problems before they arise. Take the New Financial Year as an opportunity to become your most organised self yet.
Regularly updating sales ledgers, credit notes and disposing of outdated paperwork will greatly aid in ensuring your business is capable of achieving growth.
3. Stay informed
As the saying goes, “knowledge is power”. Keep track of your competitors and the products and services they offer in order to harness knowledge that will allow you to stand out from the crowd.
Stay abreast of industry news and developments and share any new trends with the rest of your team. This information can provide you the opportunity to refine your competitive advantage and achieve further business growth in the New Financial Year.
4. Supplying the best
Regular assessments of your suppliers are integral in ensuring that you gain the maximum value for money that the market permits. Comparing rates and prices from other suppliers will confirm you are minimising your operating expenses. Search for any new deals or discounts on offer and always aim to negotiate terms to your advantage.
However, don’t forget the importance of maintaining close working relationships with your current suppliers and ensure an amicable parting if necessary.
Melissa Haywood, Head of Vistaprint Australia
