Smart New Year’s resolutions for your small business
Last week, we gave you three tips for your small business over the holiday season.
This time of year is also when many people make their New Year’s resolutions. Here are two smart ones to make for your small business for 2020.
1. Set yourself SMART goals
When it comes to setting goals, SMART is an acronym for:
Specific: your goals should be as specific as possible.
Measurable: your goals should be capable of being measured (for example, by calculating a dollar value or a percentage increase).
Achievable: you should have the necessary resources to be able to achieve your goals.
Realistic: your goals should be challenging enough to motivate you, but also realistic.
Timetabled; You should have a timeframe for achieving each goal that you set.
Review all of the key financial information for your business when you’re setting your SMART goals, including your revenue, expenses and profits. Identify trends and look for ways that you can grow your revenue and cut your expenses.
2. Automate as many routine business tasks as possible
Use technology to automate routine business tasks whenever you can. After all, time is money! For example, online bookkeeping software like Xero can help you to quickly and easily do a range of important business tasks, like:
· help you get your customers to pay you on time
· pay your business bills, and
· lodge your business activity statements (BAS).
How we can help
We can also help you with any bookkeeping support services that you may need, no matter what type of business you have. We currently have clients in a diverse range of industries in South Australia, Victoria and New South Wales.
Contact us today to find out how we can help your business!