Make sure any new financial year resolutions made to keep your business financially healthy don’t fall off the bandwagon now. Here are four tips to keeping it in tip-top financial shape.
1. Know your tax deductions
Keep an eye out when lodging tax returns, so you don’t pay too much. If you work from home, you may be able to claim home office costs such as repairs or cleaning expenses. If you use your personal mobile phone to contact customers or your staff, you could also claim for those calls.
2. Stay cash-focused
It is important for a business to stay focused on keeping the cash generation rate above the cash burn rate. Try implementing business models that enable you to collect most of your payments upfront. Invoicing your customers on time, or sending timely reminders a couple days ahead of time can also help ensure a business can generate cash flow every month.
3. Hire the right people
Time is money, and hiring the wrong people can set you back quite a while after taking into account missed sales opportunities or strained customer relations. Make sure you hire people that are competent, have a proven work ethic, and the right attitude to work for you.
4. Get social
If you have a limited budget when it comes to spending on marketing or advertising, make the most of free social media pages to grow your brand and attract online prospects and customers.