Planning for the 2020/21 Financial Year
Planning for the 2020/21 Financial Year – Hit the Ground Running
We recently wrote a blog post espousing the many uses of business software MYOB.
To continue the discussion on how you can prepare for the new financial year and make sure that there are no nasty surprises in 20/21 – let’s face it, 2020 has provided more than enough surprises – we are going to help you to plan and plot a course for the upcoming year.
Reevaluating your bookkeeping system is a good start, but there are many other steps you can take to ensure that you are ready for anything in the new year.
Prepare a budget – prepare an in-depth capital budget that lists, as closely as possible, all inflows and outflows for the business in the month in which they are expected.
All businesses go through ups and downs, have you planned for the down times that could be seasonal, economically related or just due to a change in business conditions?
Alternatively, do you have plans for when your revenue exceeds your expectations? Do you have a Financial Advisor who can help you to spend your hard-earned money in a way that will ensure that you make more money or that you capitalize on your gains?
We at Think Accountants can help steer you in the right direction when it comes to planning for your business’ future and make sure that you are ready to weather the tough times and reap the rewards of the better times.
The end of financial year is also a good time to review your employees and their performance.
Many businesses do not manage their employees as well as they could – remember your employees are your best and brightest commodity. They are the people who represent your business to the public.
Do your employees require more training?
If they are doing particularly well, are they being rewarded?
“A Person who feels appreciated will always do more than what is expected” – Amy Rees Anderson
It is important that you manage your staff well to make sure that they represent your company in the best possible way and are doing all the things required of them to make your business as profitable and successful as possible.
Reviewing your employees performance may feel a little ‘Big Brother’ but it could go a long way to ensuring that you and your employees are ‘on the same page’.
It does not have to be a difficult or dreaded experience, but it is an important part of reviewing the previous year and planning for the year to come.
Setting out your expectations and goals for employees gives them a tangible target to aim for and makes theirs and your life easier.
Do you have a business plan?
It is always good to have a plan for your business going forward, with any luck you will grow and will need your structure to grow exponentially.
Should you struggle, your business plan will help you through those hard times.
Need help business planning? Contact us at Think Accountants to discuss your business structure, budget and how to manage your employees in a way that is best for your busines.
We are your full service business consultants – here to help you grow and to weather the storms that your business faces.
Good luck and Happy New Financial Year!