Tax Checklist
2021 - Tax Checklist
To assist in completing your tax return, we have a checklist that will help you with what you need to provide us. Find out more
Virtual Tour
- Virtual Tour
Take a tour and explore our office Find out more

Getting back to business

It goes without saying that change has been a theme of late.  Much of the change we have experienced has been out of our control.  However, if we focus on what we can control, such as our response to change, we can regain some control and plan to maximise outcomes.

Five things within your control that will have the biggest impact on your business:

1. Working on your business, not just in it.
It's hard stepping back from your operational role.  Many of us have been in 'crisis mode' for an extended period - running on adrenaline and coffee... but it is essential to set aside time to focus on your plan and review it regularly.  After all, working hard will only pay off if we are working on the right things.  Block out two hours each week to step out of your business and ensure your plan is executed.  If this is something you struggle with, ask someone to hold you accountable.

2. Your product/service mix.
It is likely you have already made changes to your product or service offering.  This may have happened under pressure and without a proper plan.  Take time to thoroughly review your offering.  Which products or services have the highest margins?  Which products or services haven't been performing well?  Are there new products or services you could introduce which complement your current offering?  Do you need to review your pricing?

3. Marketing and communication.
Have you updated your Marketing Plan to reflect changes to your business operations?  Clearly communicating with customers and prospects is essential in these times as they need to know when you are open, that you are taking their health and safety seriously, and any changes to your offering.  You also want to be front of mind as customers look to support businesses.

4. Human resources.
It is likely that your human resources department took a hit over he last year.  While government support helped save some jobs, for some businesses, they had no choice but to reduce the size of their team.  Have you spent time reviewing your organisation structure to identify resourcing gaps and areas where you are over-resourced?  You must ensure your team is the right size for your business with the right people on board. 

5. Your finance, profitability and cashflow.
You may feel this part is out of your control, however, there are steps you can take to regain control of your finances.  If you haven't already, revise your personal budget and identify areas you could reduce your spending.  Then update your business budget, ideally, you will review and update this monthly.  If you are struggling with cashflow, we can help you identify improvements you can make to your processes to manage your cashflow. 

In Covid times there is a lot you can control and it is crucial for morale and progress that we focus on these things to get our business in the nest possible shape.  Even if your business stayed open during lockdown or you have been back to business for a while, use these simple strategies for continuous improvement.

Success in 2021 will look very different from previous years.  What does it look like for you and your business?  If you need help developing a plan, improving your profitability and cashflow, or just want someone to bounce ideas off, get in touch. 

"Success is not final, failure is not fatal: it is the courage to continue that counts." - Winston Churchill.

Back to Articles & Guides

Sign Newsletter
What our clients say...
  • "Maclean Partners are very knowledgeable accountants who are always attentive and keen to learn more about how to improve our business. John and his team offer sound advice about tax and general accounting, as well as helping structure and manage the financial aspects of the business to our advantage". - Read more
    - Tony Pascoe, NQ Foot and Ankle
  • "We've worked so hard over the past 10 years to get the business to where it is and sometimes you can't see the forest from the trees. Thanks to the Maclean Partners and the 90 Day Business Challenge, I found each module so helpful and the self-paced online aspect combined with the face to face coaching and workshops worked really well for us. - Read more
    - Nelly Evans,Powdercoat Select
  • "Nelly (my wife) told me she had signed up for some business training and I told her it was a waste of time and money. I wasn't interested in doing it at all because both our businesses are firing on all cylinders, but to show her support, I went along to the first workshop and I was impressed. Nelly and I have been doing a lot of talking, but we realised that we never had the right mindset to take action. - Read more
    - Glenn Evans, The Fencing Factory
Logo Logo Logo Logo Logo Logo