The end of the calendar year is fast approaching, so now is a good time to review your business’s performance and see what improvements can be made in the New Year.
Here are some ideas to get you on track:
1. Review your financials – look at your Profit and Loss.
Does it look like all your sales and expenses are included? Have you made a profit for the year to date? Check your bank account to ensure it is reconciled. Review your debtors (amounts owed to you) and ensure they are all collectible. Reconcile key accounts like PAYG payable, GST, Superannuation payable and loan accounts.
2. Review your KPIs and analyse your results against your budget / goals.
- Has your business grown over the last 12 months?
- How does your sales/turnover compare to this time last year?
- What is working? What is making you the most money?
- Did you have any excessive or large increases to expenses compare to the prior 12 months?
3. Seek help where necessary.
Did your results for the last 12 months not stack up with expectations? Have you seen a downward trend in your sales? Now might be a good time to see your Accountant to help you set some financial and business goals and get you on track for next year.