2017

With another year nearly through, it’s time to reflect upon the highlights and challenges of 2016.  To prepare yourself for what may come your way, take a moment this year to set your business off to a good start. You alone have the ability to get your business organised to maximise growth for the year ahead. We’ve listed our top 5 tips to prepare your business for 2017.

1. Set challenges to improve

Reflect on the year that has passed, make a list of the positive things you want to repeat in the upcoming year, and a list of the things that didn’t exactly go to plan. Set yourself the challenge to change and improve. Think forward to the end of 2017, and if you can look back on the two lists and see the positive difference in your business.

2. Review your finances

Review your books from last year. What happened in the first quarter of last year? Was it good? Bad? Average? Set realistic goals for your first quarter to get your business finances off to a positive start. What’s it going to take to put your profit up to 5-10% more in the coming year? If you think your business may have a hefty tax bill that might be a good incentive to ensure the success of your first quarter. Meet with your accountant and follow their advice for anything that may improve the financial productivity of your business.

3. Update social media

Social profiles are a necessary platform for promoting your business. Now is the time to update your social media profiles, photos and ensure that your links are in working order. Aim to strengthen your profile, by adding accomplishments to optimise on your business success. The key to social media prosperity is ensuring that people walk away with a clear idea of your brand and can easily locate your contact information.

4. Schedule time for important tasks

Plan ahead and commit to a schedule, creating consistency in your business is a good thing. Implementing attainable productivity habits at the start of the year will put your business on the path to success. Select days where you will work on certain tasks that in the past you haven’t enjoyed doing, but you know have a positive contribution to your business. Once you have momentum going in your business it’s hard to slow it down!

5. Keep up with industry knowledge

Set aside time to research and keep up to date with your industry. Anyone who spends just 20 minutes a day reading something about their industry will know more about that industry at the end of the year than 75% of the people in it. Knowing where your industry is heading and changes it is experiencing can provide you with great opportunities. If there is a more economical or innovative way of conducting business within your industry, you need to not only know about it, but also implement it.

The important thing to remember is that the days of just opening your doors and crossing your fingers, and hoping for success for the future are over. Consumer demand is increasing and competition is fierce. In the end, planning and staying organised will not only get your business organised for the future but also promote growth. Start 2017 off with a bang and get your business in order!

Need a hand organising your business’ finance for 2017? Contact MG Partners on 03 9523 6500 or email us at info@mgaccountants.com.au