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2021 - Tax Checklist
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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.

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