Business Owner’s Annual Checklist

The new financial year has just begun so it is a perfect time to consider what challenges you will set yourself for the coming financial year.

  1. Read up on the Fair Work Act
    Many Australian businesses aren’t aware of the implementations of the Fair Work Act, which came into effect back on January 1, 2010 and as a result their business could expose itself to significant legal and financial risk.
  2. Make IT security a priority
    Many SMEs don’t have appropriate IT security in place which puts their systems at risk to a whole host of malicious attacks lurking on the internet. With a host of major attacks over the last 12 months ensure you get some protection in place as soon as you can.
  3. Invest in human capital
    Over the last few years many businesses have found that they have had to reduce the size of their workforce. Now is the right time to assess your workforce to ensure you have got the right selection and recruitment strategy in place and make sure you’re training your staff appropriately.
  4. Reassess your target market
    A business should never assume it knows its target market. You may have set out to target a specific demographic when you began in business, but changes in society, shopping behaviour and your marketing approach could have seen that target market shift dramatically.
  5. Outsource the worst bits
    Whether you hate answering the phone or can’t stand sending out invoices, there are aspects of every job that even the most motivated small business owner doesn’t enjoy. So rather than put up with the parts of running your business that you can’t stand, why not outsource it to a third party.
  6. Prepare for the worst
    There is still plenty of uncertainty about so it’s worth making sure you’re prepared for anything that might come along in the future. A review of your business plan and a cash flow forecast for the coming year would be a great start at planning for success this financial year.
  7. Give more to your staff
    Your staff are your greatest asset so do something to delight and surprise them. This might be a simple reward system which can improve staff morale and retention rates.
  8. Get serious about Marketing
    You might not have the capital to hire a marketing firm to promote your business, but there’s a lot you can do yourself to spread the word regardless. Create yourself a marketing plan that you can both afford and commit to for the coming year.
  9. Encourage annual leave
    Allowing staff to accrue lots of annual leave can have devastating effects on a business. Ensure both you and your staff are taking regular periods off to re-charge the batteries. If you think you are too indispensable to take time off make it a goal to systemize, outsource or train another member of staff to step in for you when you are away.
  10. Review contract
    Each year a number of supplier contracts expire and just roll over. This could be costing you hundreds of dollars as increased competition is driving down pricing in many sectors. Check your banking fees, EFT-POS charges, power costs, telephone & mobile plans.

 

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.