Spring is the perfect time to pause and look at how your business is performing against the targets you set at the start of the year. With five months before the end of the financial year there is plenty of time to work on any underperforming areas and make the most of the things that are going great, maybe even lifting your expectations.
Here are Johnston Associates South’s top tips for helping ensure you move into Summer in the best possible shape, and with a plan that is going to enable you to deliver the end of year results you are looking for.
• Review your year-to-date and business plan
Now is the perfect time to review your year-to-date results against your budget and key performance indicators. How have you performed and what are the reasons for any variances? Clarity around your business’s current performance will really help you plan the next five months, minimising any underperforming areas and maximising on opportunities for growth.
• Plan your cashflow
Cash is king so we suggest you take some time to plan your cashflow for the rest of the year. What are your remaining costs and where might you experience shortfalls?
• Review your tax obligations
By reviewing your tax obligations based on your actual year-to-date result, and projections for the rest of the year, you can make sure that tax is not being under or over paid, and also keep an eye on upcoming tax payment dates.
• Insurance cover
Take time to look over your insurance cover. Is your business well protected based on how it’s currently operating? Are you paying too much? Have you met all your obligations to your insurer such as letting it know about any changes of circumstance or significant new clients?
• Health and Safety at work
Your business needs to carry out frequent health and safety audits and make sure information about health and safety is shared with workers. Have you identified any safety hazards and risks in the last six months? If you have what steps have you taken to stop them happening? Now is a good time to hold a health and safety training session so all workers are engaged and understand the role they play.
• Accounting system check
Making sure your accounting system is accurate and up-to-date is very worthwhile, enabling you to rely on the information it generates for planning purposes and to save you time at year end.
• Make an appointment with your business advisor/accountant
If it’s been more than three months since you had a meeting with us then it’s time for a catch-up. The Johnston Associates South team is here to help. We are always interested in hearing about how your business is performing and discussing ways we can help you achieve your goals. Changes in your personal circumstances can also impact on your business.
Business Advisory-Nelson & Marlborough
If you’re an entrepreneur or starting out in business in Nelson and Marlborough, you could find things are a little lonely as you take your first steps. But the great news is you don’t need to take those steps alone, you can receive the help and guidance you need from a business advisory board.
A committed business advisory board can be a real boon for your business, here are 5 key benefits:
- You’ll gain clarity – A well selected advisory board will challenge you to take a step back from your business occasionally, encouraging you to think clearly and objectively.
- You’ll be inspired – Select the correct mix for your advisory board and you’re guaranteed a creative think tank on tap. Board members will offer new perspectives, opportunities and solutions that can help propel you to profitability.
- You’ll build your reputation – When you’re not going it alone, you’ll be surprised how your company’s reputation and credibility in the market place will grow.
- Your bank will ❤️ you for it – Financial institutions are often reassured by the presence of an advisory board, especially if you’re looking for business financing.
- You’ll meet the right people – Networking is a huge advantage to any business; and you’ll be able to tap into your advisor’s connections… Now that’s great value!
If even the idea of building your business advisory board sounds daunting, we have 3 tips to ensure you get it right!
- Fill your knowledge gaps – Find people who who have the experience you need. If you’ve never owned or built your own business before, find people who have. If your business can’t accommodate a full time Chief Financial Officer, find someone who can offer sound financial advice. If you’re changing direction in business, find an advisor who has experience in that sector. At Johnston Associates South many of our Chartered Accountants have real commercial experience in various business sectors, it’s why our business consulting division works so well for our clients.
- Don’t rely on the yes men and women – Friends and family can only give you so much advice. Firstly they may not have the expertise you need, and secondly they might not want to tell you when an idea or plan is, for want of a better word… Pants! At Johnston Associates South, we want your business to succeed, so if you decide to work with us as your business advisory team, you can rest assured we will always be honest, open and frank.
- Get the most out of your meetings – You’ve invested in an advisory board, now make sure you get a great return on your investment. Prepare for meetings well in advance. Choose a site that is comfortable and free from distraction. Experience has shown us that many start up businesses in Nelson and Marlborough, aren’t always equipped to conduct meetings, that’s why we are. We provide you, our clients, with the board room and all the equipment to ensure you get the most from your business advisory meetings.