If you are a small business owner, chances are that juggling the day-to-day demands of running your business might mean you don’t have a lot of time left in the day to think and plan for the future.
Although it can be tricky to fit in, scheduling time to review, plan and prioritise for the year ahead is essential in both tracking and meeting your business goals. Here are some key things to consider in your planning process.
Learn from your FY16 tax return
Your most recent tax return is an invaluable resource and looking retrospectively at the financial information for the year past should help inform your financial objectives and business plan for FY17.
Profits and losses – Identify the profitable parts of your business as well as those that are underperforming. Look at unnecessary expenses that you incurred, assess current systems and streamline processes to cut costs and then look to invest in the stronger parts of your business. If you think there may be potential to grow your business, access our business loan selector tool to help you find the right financing solution.
Cash flow trends – Cash flow management is one of the biggest challenges for small business owners. Look at ways to ease the strain of cash flow on your business, such as reviewing supplier terms and conditions or exploring our flexible merchant services to make taking payments easier.
Record keeping habits - How did you keep records for FY16? If the end of financial year just past was a scramble, you may want to re-think your record keeping habits. Sound record keeping will allow you to get a dynamic, regular and up-to-date overview on how your business is performing. If you haven’t already, consider investing in a cloud accounting solution to centralise financial data and take the pain out of record keeping.
If you use NetBank, you can import payments for staff or suppliers into NetBank from a file (e.g. MYOB or Xero) so you don’t have to manually enter a high volume of payment details.
Know your competitors and your industry
Know where you stand in your category or location - Our Better Business Insights Report can help you identify industry-specific challenges and benchmark your business against the turnover and growth rates of competitors in your category.
Get to know your customers more closely - Customer insights withinDailyIQ will highlight your key customer demographics and their spending patterns, allowing you to develop the right communications and identify new target markets.
Get access to support for your business - Our specialised industry teams will provide industry-specific financial insights, plus banking and technology solutions to help reach your specific business goals.
Set up online tools to help
Set up alerts to help manage cash flow - Keep track of your business spending by setting up alerts on your Business Transaction Account to let you know when your balance is getting low or when your suppliers have paid.
Use My Spend to see your spending habits - Register with My Spend to automatically categorise transactions into groups so you can see exactly where your business spend is going.
So if you’re one of the many small business owners gearing up for the new year, good luck with your planning. It may feel onerous at times, but the extra work you put in now will all be worthwhile come a successful FY17.
Find out more about our business products and tools and discover how we can help support your small business.