#76 New Year Small Business Financial Growth Checklist

Whether your business has been on a short break or you’re raring to go, it’s essential to start the year by setting goals and envisioning your journey. To help you navigate the financial aspects, I’ve compiled a handy New Year Small Business Financial Growth Checklist that will help you start the year feeling organised and ready for growth.

1. Identify Areas for Improvement and Growth Opportunities:

Take a moment to reflect on what worked well and what didn’t over the last 6-12 months. Jot down your strengths and areas where improvements are needed. Additionally, identify potential growth opportunities within your business.

2. Set or Review Clear Goals:

Create a roadmap for your business by setting clear long-term goals for the year. Next, define three short-term goals that will move you closer to those long-term aspirations. A well-defined goal provides direction and motivation, keeping you on track throughout the year.

3. Revisit or Create Your Cash Flow Projection or Budget:

Budgeting can often seem overwhelming, but starting small can make a big difference. Begin by creating projections for key aspects such as sales and major expenses. Gradually expand your budget to cover more areas as you gain confidence. Remember, a budget empowers your business to thrive by telling your money where to go.

4. Follow Up on Unpaid Invoices and Pay Suppliers on Time:

Cash flow is crucial for small businesses, so regularly review unpaid customer invoices and follow up with friendly reminders. It’s equally important to pay your suppliers on time to ensure a healthy cash flow. By maintaining good relationships and timely payments, you create a positive flow of funds within your business.

5. Celebrate Successes and Learn from Failures:

Take time to acknowledge and celebrate your successes, no matter how big or small. Reflect on lessons learned from past failures and use them as stepping stones to grow further. 

6. Review Your Leave and that of Your Team:

To maintain a well-balanced and productive environment, ensure both you and your team have regular downtime to relax and recharge. If you’re a solopreneur, schedule shorter breaks more frequently to prioritise self-care if you find it hard to take longer breaks. For larger teams, plan ahead considering busy seasons and distribute leave in a way that preserves productivity.

7. Simplify Your Systems and Review Subscriptions:

Regularly review the subscriptions and systems you utilise in your business. Ask yourself if you’re making the most of each subscription, and consider downgrading or cancelling those that are no longer needed. 

8. Ensure Your Savings are on Track for GST and Taxes:

Check your savings and ensure you have enough funds set aside for upcoming GST and tax obligations. Work with your tax agent to plan and stay ahead. Managing your taxes and savings effectively keeps your business on solid ground and avoids unnecessary debt.

9. Review Your Pricing:

Regularly review your pricing to ensure it reflects your costs and maintains profitability. Consider any significant cost increases and communicate openly with your clients/customers about necessary adjustments. By staying proactive with pricing, you can avoid sudden changes and provide ample notice where needed.

10. Explore New Revenue Streams:

Diversify your income by exploring new avenues for revenue in your business. Brainstorm and research innovative ways to add additional streams of income. This could involve offering new services, collaborations, or product upgrades. Adding new revenue streams not only brings stability but also opens doors to new opportunities.

I hope you find this checklist helpful in framing your year ahead and reaching your financial goals. It’s important to start a new year feeling ready to tackle it head-on, and this checklist will help put the steps in place for you.

PREVIOUS EPISODES MENTIONED:

• Strategic Spending: Boost Your Business, Not Your Bills here
• Budgeting Is Not a Dirty Word here

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