We’ve compiled this sweet and simple list of 14 top tips to give you the best start to 2014. Follow even just a couple of these and 2014 can be an improvement on 2013. Have some tips you’d like to add? Send them in, we’d love to hear from you!
1. Use Xero add-on software to help you.
We can’t stress this one enough, there are screeds of helpful software that can help your business. Most add-ons are really cheap with fixed monthly fees, they all plug automatically into Xero, and many have fantastic help centres. Click here for the full list.
2. Reconcile regularly.
It doesn’t need to be every day, but if you can set aside ten minutes each week to quickly go through your transactions while they are fresh in your head, you’ll be thanking yourself in the future.
3. Pay your tax on time.
It sounds simple, we know, but not paying by the due date could result in a late payment penalty. And no one wants to start the year off with a fine!
4. Establish a budget.
Before the year gets ahead of you, take some time to draw up a budget for your business. Not your scene? This is something we can sort out for you – and it’s way cheaper than you think!
5. Keep on top of your outstanding debtors.
If there is no cash in the bank, this could be a reason why. If you are having trouble managing your outstanding debtors, we recommend Debtor Daddy, it’s a Xero add-on that you shouldn’t live without!
6. Always seek advice.
Making any big decisions this year? Whether it’s purchasing a new motor vehicle or if you’re looking to employ a new staff member, don’t make blind decisions, we recommend seeking advice first.
7. Keep expenditures separate.
Try your best to keep all personal and business transactions in their allocated bank accounts. It keeps everything nice and tidy, and will save you time when reconciling.
8. Are you getting the best deal?
Take some time to review your company’s current finance and loan situation to make sure you are getting the best deal. Don’t be afraid to shop around!
9. Technology is your friend.
We now live in a technology driven world, and to stay ahead of your competition means keeping up with the rest of the world. You can pick up a smart phone, tablet or laptop pretty cheaply these days – and for the time, money, and stress it will save you, it’ll be your best investment of 2014.
10. Is your risk adequately covered?
Make sure all risks associated with your business are covered. Give your Sidekick Accountant an email for a no obligation review if you aren’t sure.
11. Sit down and set some goals.
We can’t stress the importance of goal setting enough! Be sure to set a mix of short, medium and long-term goals for 2014. Remember – if you set no goals of your own, you’ll be doomed to fill other people’s.
Use all opportunities to spread the word of your business. You could even look into joining or starting a networking group, it only takes as long as one cup of coffee a week and the business it could bring you in return is definitely worth that £2 or £3!
13. Review your processes, save time.
Are you using your systems to their best ability? Are you using any systems at all? Take the time to review your current processes and systems, you won’t regret it.
14. Set aside time for yourself.
We’ve left the best until last here – Go for a run, walk the dog, take the kids for a bike ride, or just do anything that gets you out of your daily routine. We know you’re busy, but spending time on your hobbies will benefit your business as you’ll come back to work with a fresh mind and a happy heart.
Would you like some help with these? Give us a call today.