A Business Health check that is. As another Christmas and New Year’s celebration fades into the past along with most of the New Year’s resolutions made (even those posted on social media with an inspirational quote over a picture of someone doing yoga on the peak of Everest with dolphins and unicorns frolicking in the distance), the time to take a look at the way your business is going is upon us.
Getting back into the swing of things for those who got to take a break can be an ‘All Hands-on Deck’ situation but it’s important to take a little time now to step back and have a look at how things are going for your business and to take in the bigger picture, which can often be almost impossible to see when you have your head down in the trenches.
The following are a few things to go over:
1. How are you tracking to meet your financial goals for the financial year? If you didn’t really set any, take a look at where you are now and set a goal to achieve by June. You don’t need a detailed plan for world domination, just an amount that would make keeping on top of the bills easier to achieve.
2. Given the state of your Financial goals (newfound or not) have you been paying enough tax instalments to avoid a nasty bill when you lodge your return or should you increase your payments.
3. How well are you keeping on top of your workload and customer expectations? Is it time to take on a new staff member (the 20K Youth Boost has been extended until June 2019) or, is it time to make the hard decision to reduce your staff hours or numbers.
4. With the $20,000 instant asset write off still in play, it’s about now that you should start to assess whether or not buying new equipment to offset against any tax payable next financial year is a viable option for you so that you don’t end up making a rushed decision during the June sales push.
Not all of the suggestions listed may apply to your business situation, but it is always important to take a step back from the everyday grind in order see the bigger picture to help you see where you are, and to make sure that you are where you want to be.
Charisse Russell is a Chartered Accountant with over 17 years’ experience in accounting, audit and taxation. Her passion lies in changing lives through her approach in being a business coach, advisor and mentor. Charisse has two gorgeous munchkins and has an amazing husband. She is backed by a team of professions changing the accounting profession.