Well, it’s the beginning of a brand-new financial year, and with that comes loads of possibilities, which include setting new goals and refining business practices. I’ve been in business for a few years now but if there’s one thing I’ve learnt, it’s to surround yourself with the right people to help you achieve the best possible outcomes.
So, in saying that, here’s my take on how you can achieve your best financial year yet…
- Set new goals
No matter how big or small, setting goals is a great way to start off on the right foot! Your goals can be anything you want them to be. Ask yourself how much do you need to earn to live your dream lifestyle, is expansion on the horizon, do you need a new facility to keep up with the growth of your business? Whatever your goals are, write them down and take them with you to step two.
- Find yourself a decent Accountant
Once you’ve set new goals and reviewed your financial position, the best thing you can do is find yourself a top-notch Accountant! This is something I’ve found many people overlook but shouldn’t! A great Accountant will take your business from ordinary to extraordinary! Take your goals into this initial meeting and have your Accountant walk you through what’s realistic and what isn’t. Maybe that pay rise isn’t possible for another two years… but with their guidance, you’re already ten steps ahead.
- Ask them to teach you about the financials of a business
Educate yourself. You’ve found the best Accountant possible, so ask them to teach you the ropes! I’ve learnt that people love to share what they’re passionate about… so it all comes down to whether you have the right attitude to learn. Once you’ve mastered this, you’ll become the master of your own destiny – literally!
- Take their advice
Now that you’ve nutted out a plan, remember this is not a one-time thing. Use this person as your advisor – that’s what they’re there for. Before making any massive financial decisions, make sure you meet with your Accountant and run over the pros and cons. It’s easy to get caught up in the whirlwind of expanding, selling, or moving a business but they’ll look at all the facts and figures, giving you an unbiased opinion and the best advice possible – providing you’ve picked the right person from the get-go of course! Remember smart business decisions are great business decisions!!
- Don’t spend it all!
Lastly and probably the best piece of advice I can give you is that preparing for the worst is the smartest thing you can do for yourself! Once you’ve visited your Accountant, crunched the numbers, checked out how much profit you can make in a year and you’ve thought about your goals, make sure you remember to keep money stored away just in case. You never know what’s around the corner and what unexpected, unpleasant surprises may lie in waiting. When you’ve been in business for long enough, you know that this isn’t as rare as everyone thinks and only you have the ability to set yourself up for success.
Hopefully this helps! If you’re keen to learn more about our take on business financials, head over to https://bit.ly/3h3JBbc and stay tuned for our upcoming articles where we meet with Taipan’s Accountant for more tips and tricks.