Business tips for 2023

Here are our best tips on managing your business and making life more successful in 2023!

1. Manage cash flow
The best resolution you can set for your business is getting on top of your cash flow. Regular invoicing is vital and we often recommend clients have specific dates of the month when invoices are raised.

Managing payment terms is equally important and keeping these as tight as is reasonable for your business is ideal. For example, it would be best to project whether prepayment, cash on delivery, 2 week term or 1 month term is reasonable.

Additionally, preparing a six to twelve month cash flow projection will do wonders for your business planning. If you need assistance with this we can help.

2. Embrace the right software to make your life easier
Finding the right software for you and your business will save you time and streamline your processing. The right software can assist you with quoting, purchasing, payroll and your reporting obligations. For further information you can read what’s the right software for your business?

3. Document processes
Often business owners or particular staff members will be the only people who know how to do certain things for the business. Perhaps Jim your office manager is the only one who knows how to raise invoices? Or Tracey the sales manager is the only one who knows how to prepare a quote? One of the best gifts you can give yourself as a business owner is access to shared knowledge. We speak from experience and highly encourage you to begin documenting your processes so that people across the business can understand how things work, diversify their roles and create some efficiencies. It can help you delegate some tasks too!

4. Review your business strategy/business plan.
This doesn’t have to be a lengthy or exhaustive process. It can be quite simple, and if you don’t have a documented business plan on paper, you probably already have a rough idea in your head.

We recommend documenting the following as a bare minimum:

• Definition of your business (what you provide to the market and who your market is)
• Any funding required for the next 12 months (how it will be used and where the funding will come from)
• Marketing plan (establish sales channels and marketing activities where target market is present)
• Financial projections (budget and sales goals)

Once you have these major headings addressed, your business plan can become a working document which is reviewed on an annual basis.

We hope these help you on your way through 2023. If you would like to know more, or need assistance with implementing any of these in your business, we can help! Please feel free to contact us.