Refocus Your Business

Posted 24 Aug '20

Refocusing on what’s relevant in your business this financial year

The reset button has been hit and we are now almost through the second month of the new financial year. This is the time to use some of that new year motivation, revisit your plans and make some goals for the months to come.

Understandably, this year might be little different for some.

You’d be forgiven if your thoughts over the last few months have been a little less business growth, and a little more preoccupied with everything happening around the world.

As a lot has changed and it is a great time to ask yourself if what was relevant in your business one year ago is still relevant now?

Are you still offering the same services?
Do you have different or additional products?
Has the delivery of your business completed changed?

Perhaps you have more cash than usual from the government stimulus packages or you have access to Government grants.

Are your current business goals and strategies relevant, defined and measurable?

We recommend sitting down with your managers, your team or your partner to plan for 2021.

Here’s where you can start:

• What are your business goals? Have they changed? Break them down.
• What financial targets do you need to hit to sustain or grow operations? Do the key drivers of your targets rely on quantity of clients, staff productivity or yourself? We can help you discover this – get in touch for a business budget consult.
• What is your marketing strategy? Is it still relevant? Do you even have one? There are some great free resources here.
• Does every member of your team have defined goals they are working toward within your business? If your team are working toward a shared vision and are invested in their role it strengthens your brand, improves your operations and builds better relationships with clients.
• Have you thought about the systems in your business lately? Are you running your business as efficiently as you can be?
• Finally, are you managing risk? Having risk mitigation strategies is necessary, particularly in the current circumstances. You can read why in read our last article on it.

If you need assistance with your business strategies, or more tailored support such as managing ATO debts, lodgements or streamlining your record keeping systems contact Empire Accountants today.

Here are some further resources and steps to help you through the next 6 months and into 2021:

• Book a meeting with your trusted advisor – AKA us. We can assist our clients with a lot more than tax compliance. We offer services like budgeting and forecasting, quarterly accountability meetings, tax planning, tax advice on investments and more.
• Jump on the QLD Governments website for resources 
• Browse the support and resources from the ATO 
• Get up to date with old Superannuation debt using the ATO’s Super Guarantee Amnesty.
• Utilise Empire Bookkeeping’s services – We have some amazing bookkeepers at Empire that can help you automate your systems, provide Xero training, process your ATO obligations and more.

If you’re tired of wingin’ it, and are ready to set some goals, action change and create some scalable growth, we’d love to meet with you! Phone us today and book an appointment 07 3124 0244.