5 New Year’s Resolutions that all Businesses Should Follow
Every year, many of us make the decision to set a New Year’s resolution. Perhaps it’s taking up a new hobby, switching to vegetarianism, or putting money aside in your savings account. But what about your business? Work may have been far from your mind over the festive season, but it’s now time to get back to work and consider where you need to focus your efforts in 2023 to make it your most successful year yet. To get you started, we’ve compiled a list of ten resolutions that can help you increase productivity and profits within your businesses.
1. Create a Cash Flow Forecast
If you don’t already have a cash flow forecast, now might be the perfect time to draw one up. A cash flow forecast can help you see what’s coming in and going out of your business on a weekly, monthly, quarterly, or yearly basis. It allows you to determine whether you’re likely to make a profit or a loss, and plan accordingly. If you find you consistently have more income than expenses, you may decide that this year you’re in a comfortable position to plan to grow your business. On the other hand, your cash flow forecast may act as a signal to cut your spending, if it shows you spend more than you bring in, you may need to consider readjusting your expenditure. Through using sophisticated forecasting software and highly trained staff, Hysons can produce accurate and reliable forecasts and business plans.
2. Cut Your Tax Bill
Do you or your business pay too much tax? Many taxpayers often pay more than they need to because they do not make full use of the reliefs, allowances and tax-and saving opportunities available to them. Every year we surprise our clients by helping them identify ways to reduce their liabilities, frequently saving them and their businesses thousands of pounds. While you focus on running your business, our team of qualified chartered accountants will look for ways to improve your finances, using our in-depth knowledge and understanding of the ever-evolving financial legislation.
3. Review Costs
The nation is experiencing a cost crisis driven by many factors, including price inflation on many goods and materials, energy costs and a lack of skilled personnel. Resolving these in the short term are beyond the power of our national leaders, let alone you as a business owner, but that doesn’t mean you should do nothing. Despite how challenging it may seem, there is often a way to reduce costs. This could include switching suppliers, finding savings by reducing or cutting unprofitable activities or recovering some of your expenditures through tax reliefs.
4. Outsource Company Secretarial Duties
Do you spend too much time looking for effective ways to manage your company? Do you micromanage or struggle to keep up with new rules and regulations? If so, it might be time to bring in third-party help. Outsourcing company secretarial services can be a cost-effective way of streamlining your business while ensuring compliance with changing legislation and providing you with access to multiple experts on an ad-hoc basis, as and when you need it.
5. Schedule Time in Your Calendar for You
The biggest mistake we see in business is that entrepreneurs are so devoted to their businesses; they very rarely manage time off for themselves. You need to remember that if you were an employee working full time for someone else, you would be entitled to a minimum of 4 weeks paid holidays per year. Why should working for yourself be any different? If you can’t manage a week or two, aim for a long weekend.
Consider Outsourcing your Accounting in 2023
Outsourcing your accounting can save you time and money. As well as minimising mistakes and reducing the risk of non-compliance, an accountant can improve efficiency and help maximise your business’s value. If you want to find out more about how outsourcing your accounting could benefit your business this year, talk to our team of expert accounting consultants in Hampshire for a free consultation and see how Hysons can help your business.