It’s great to celebrate business success but some businesses will finish the financial year with...
Review, Reset, Revise … And Get Ready
Have you noticed the increase in ads encouraging you to buy things for your business because it’s the end of another financial year?
Maybe it’s the bookkeeper in me but before you spend any more money on your business, perhaps you should invest a little time reviewing your expenses first.
Where did your money go?
Examine your expenses. When was the last time you reviewed your business insurance premiums, power and utility costs, phone, hosting and equipment plans?
By actively managing your overheads, you may unearth savings that will immediately improve your profits.
Once you know your expenses for the next 12 months, it’s time to determine the income you need to cover those costs and the profits you want to make. Budgets and forecasts are essential tools to help you stay on track and achieve your goals.
Tip: Don’t forget to include YOUR wages as an expense
Like any staff member, you should be paid and your wage is an expense to the business.