The dawning of a new year is as good a time to set new goals at work as it is in your own life. Ideally you’ll have a bit of downtime over Christmas to step back from short-term objectives and focus more on strategy and getting done all those things that you meant to but never got round to. So we’ve put together a guide to what the business owner should be thinking about to make 2024 a more prosperous year.
Review your business plan
Have a look back at 2023; what worked well, what didn’t? Use that to inform your strategy. And do this every year to help you know where to focus your efforts. How accurate was your business plan – too optimistic, too pessimistic; is it still up to date? Think about reducing costs and finding new markets, and look closely at cash flow and forecasts, how your operations are working and your marketing strategy.
Do more with social media
If you find you are getting behind with posting, retweeting and using Instagram, try setting aside a particular time, whether daily or more or less frequently to go round all your channels and keep them up to date. And, if going social isn’t really your thing, there is software out there that could do a lot of this for you. In particular, could you be using an artificial intelligence tool to help you? These can master new tasks quicker than the keenest intern and can save hours of time every week.
Motivate your staff
Take some time to think about each person who works for you and come up with a specific incentive to make his or her job more fulfilling. Look at all your work force’s strengths and weaknesses, and consider shuffling their duties around. Was there someone who performed well at a task this year and you forgot to recognise that? Make sure that doesn’t happen in 2024. As a company you could get involved with a charity; this can be a great way of strengthening bonds between workers and generating favourable publicity.
Look at your cash flow
A cash flow forecast is a key tool for understanding your business, in particular pointing to how much capacity for growth there is. It will also show up if you need extra financing. Many business owners would benefit from getting an accountant involved here. The forecast should cover the next 12 months.
Review your banking needs
All business bank accounts charge fees. Check your deal is competitive, in particular with an eye on the interest rate paid on deposits and savings to extract the maximum value out of a positive balance.
Look at funding options
To accelerate growth it may be necessary to get some outside investment. There are now a wide range of sources, such as business loans from banks, an overdraft, crowdfunding and angel investment. Even the government might be willing to help. The British Business Bank offers loans of up to £25,000 to start-ups with repayment periods extending to five years and free mentoring thrown in. But think hard about why you want the money; don’t borrow just because you can.
Automate your accounting
Find a few hours to research the accounting software packages that are out there. They can take over routine tasks, such as generating invoices, tracking expenses, logging chargeable time and recording payments, and most of them will work on any device. Some will process card payments as well.
Cut your tax bill
As the self assessment filing and payment deadline on 31 January approaches, check through your self assessment form to make sure you are claiming all the allowances you are entitled to. Advice from an accountant is often helpful here. HMRC’s online forms can be complicated and it is not always easy for the non-expert to understand what is required. In particular, calculations relating to allowances for when a premises is both a workplace and a home need to bed one carefully.
Personal development
Look at yourself and your skills. Are there some areas that you are weak in? Consider if there is expertise or knowledge that you could acquire that could help you run your business, for example, book-keeping or public speaking or management skills, or HR or employment law.
Improve remote working
Now that many people do some or all of their work at home, look at the software that your staff are using to communicate and coordinate on projects. There might be a package out there that could do the job better.
Look at your work environment
Give your workplace a close look. Is it an attractive place to be? What would enhance it for your employees? Better quality furniture, a lick of paint, a nice kitchen area, free tea and coffee, and chilled water will all improve morale by making people feel cared about. Look at the lighting and ventilation as well. If possible add a break-out area for informal meetings or downtime. Don’t forget to ask your staff what they would like.
Most important of all is to have a sense of direction for the company. Think through where you want to go this year, and what you want to develop or move away from. Find out as much as you can from your customers; are you sure they are getting what they want. Try to gather some feedback, whether informally or by means of a survey, and be sure to include the workforce – they may well have valuable insights. And record it all so you can assess it against how 2024 played out in reality.
Professional advice would be helpful in achieving many of these goals. The accountants at Finsbury Robinson would be happy to assist you achieve greater tax efficiency and can advise on the wider aspects of running a business.
Please give one of our friendly team a call on 0208 858 4303 or email us at info@finsburyrobinson.co.uk
