As we’re in the new next financial year, now is the perfect time for business owners to invest in the right services. The new financial year is a fresh start, and with it comes the opportunity to review current practices and make sure business is going to plan. Strategically designing the year ahead is vital for all entrepreneurs at tax time. After the end of financial year anxieties have subsided and you’ve dealt with lodging tax returns, putting a smart business strategy in place for the next 12 months is paramount.
Running an effective business is all about having access to the skills you need. From the skills of your staff, to the expertise you need at specific times throughout the year. These essential services help drive your corporate success. And they should be reviewed, reset and planned for each new financial year to ensure your business is ahead of its competitors. Make sure you have the best people in all business roles, regardless of whether it’s by hiring the right staff or paying for the best service. Here are the top services you should be considering for the new financial year:
1. Invest in Managed IT Support
Computer technologies have simplified our lives and streamlined our businesses, but dealing with the actual systems can be a headache. Especially when it’s not your expertise! There’s a lot at stake—security, system updates, hardware, software and the network, just to name a few. Investing in managed IT support doesn’t just free you up to do what you do best—running a business, but it reduces major risks.
Professionally managed IT works out more cost-effective than an understaffed IT department. With managed support, you have access to a team of experts you can rely on at any time. It is an effective way to manage the ever-growing complexities of technology (and let’s face it, business owners just don’t have the time for that), and 24/7 monitoring of systems to efficiently fix problems before they arise. This results in less risk and downtime. Aside from the controlled costs and expert assistance, managed IT support drives capacity planning which gives you access to provider’s tools at your disposal. This includes capacity performance and historical data.
2. Review Your Bookkeeping and Accounting Systems
If you’re not keeping up with your bookkeeping and accounting needs, dealing with the new financial year is going to be a challenge. Use this time as an opportunity to review your current system and how well (or not) it’s working for you. It pays to utilize the services of a professional when it comes to bookkeeping and accounting to minimize any errors. Reviewing your bookkeeping and accounting systems ensures bills are paid and gives you a clearer view of your finances. Delegating your company’s financial affairs is a good start for a financial year that’s on track.
Accounting is vital to encouraging a reliable forecast when it comes to business decisions too. If you’re unable to put corporate numbers to work for data-driven business decisions, it’s very difficult to understand profitability and measure success. Management accounting gives you access to all the right information at your fingertips. Service businesses benefit from management accounting to gain a clear visibility of the cost of employees. This comes in handy for business proposals, and encourages you to make the most money you can on each job. Don’t forget—keeping good records makes running your business much easier.
3. Improve Business Invoicing
The new financial year is a chance to improve business invoicing. Invest in software or practical apps that can streamline your processes and simplify business administration. If you have hired the services of a bookkeeper, then they will be able to help boost invoicing. For smaller businesses that are yet to delegate invoicing, there’s multiple apps that can benefit the way you invoice on the go. Invoice2go is ideal for small businesses to create and send professional invoices in minutes. Quickbooks is another go-to app, which sends notifications for overdue invoices and allows you to create invoices and estimates out and about. Other ones to check out include QuickBooks Online and MYOB PayDirect.
4. Update Corporate Marketing Plan
Use the end of financial year to update your corporate marketing plan for the next 12 months. Take time to set yourself up for the year ahead by making sure everything in your plan is still a part of the big picture. This opportunity will help review business goals and priorities, and determine whether corporate strategies are working effectively.
Updating your marketing plan should tie into your online presence and branding too. Investing in web and design services should be considered an asset to businesses, not an expense. Come next year’s tax time, you may be able to use it as an instant write-off too. Making sure your marketing plan is updated and you have an effective website that speaks your brand’s language is a great investment in the future profitability of your business. Use this opportunity to explore how you can make your marketing plan, brand and website even better.
5. Cyber Security
If you haven’t already made the leap into the cloud, considering doing so soon should be on the cards. Small businesses need to accept that their companies are at risk every single day. And embracing the cloud and all it has to offer can be the best way to eliminate a lot of these risks. Keeping sensitive data in a hard drive tower under your desk or server in the office comes with multiple dangers that can be detrimental to many businesses. Cloud computing on the other hand can be more secure with constant surveillance and security, and better access to data 24/7.
Hiring the right team across all essential business services will undoubtedly offer you the most effective solutions to simplify corporate life. Knowing what services to delegate to the experts will save you time and money, and offer a practical way to do business well.