With spring around the corner, now is the time to take stock of your business and get organised before the busy festive season.
Spring is a time for growth and renewal. As a business owner, it’s also an ideal time to make sure your business is in a strong position for the future by ensuring you are maintaining a good cash flow and staying profitable.
So how do you head into spring ready to grow your business? Here are a few handy tips to help you get started.
Take a fresh look at your books
Review your accounts and do some research into the latest business improvements and practices. Taking a closer look at the way you do business and identifying areas you can make improvements can help you cut cost or identify efficiencies. For example, can you lower your energy or water costs or change to a new phone plan? Can you cut back on consumables such as paper and move to a paperless office?
Embrace automation
Using new software tools and online apps can help you run your business more smoothly, efficiently and even give your business that competitive edge. There are various tools available to help improve efficiencies in your business from document storage, finance tools and email management.
Look beyond today's finances
Cash flow forecasts can help you identify when you may have extra cash available or experience short falls, so you can make the right decisions for your business. They also provide warning signs that may help you avoid future financial problems. Download our free cash flow forecast template to help you get started.
Get your pricing right
By keeping your pricing in check you can maintain your profitability. Make sure you assess your pricing by comparing your offerings to your competitors.
By offering discounts you can attract new customers and possibly free up unsold stock, but be mindful. Whilst discounting could turn over stock, be sure to check your numbers to make sure the cut in profits are compensated.
Check your inventory
Sort through your inventory and get rid of any damaged, aged or expired goods, and make sure you are well organised for fulfilment. Your product or service is your bread and butter, so take the time to check your inventory which can make a huge difference in sales.
Review your suppliers and contracts
Spring is also a perfect time to review current suppliers and products, providing you with an opportunity to see what else is available to complement your existing offering. You may have a number of suppliers and contracts for your business, covering areas such as equipment leases, professional service contracts and business loans.
Check your payments and contracts regularly – you may be able to request a lower interest rate which will help you save money.
You could also save money by negotiating a discount for bulk purchases, shorter payment terms, or as a long-standing customer. Or perhaps it’s time to consider other suppliers who can give you a comparable product at a cheaper price or faster service. Shop around for suppliers with a good reputation. It’s a good idea to get at least three quotes from different suppliers so you can compare their pricing, expertise and experience - be careful not to compromise on quality.
Read our guides for useful information on choosing suppliers and service providers for your business including: accountants, lawyers, website professionals, financial lenders and suppliers.
Review your cyber security practices
The impact of a cyber security breach will require more than just a spring clean for your business. According to the Australian Cyber Security Centre, the average cost to small business owners impacted by a cyber related crime is $56,600.
Some practical steps you can take to protect your business include:
- Using strong and unique passwords for your business accounts
- Enabling multi factor authentication for an extra layer of security
- Keeping your software and devices up to date
- Regularly backing up your data
- Educating your employees on the importance of cyber security and protecting your digital assets and information
For more information on these steps, read our cyber security and data collection information. You can also use our digital capability self assessment checklists to identify any knowledge gaps in your business.
Get on top of your email inbox
One of the purposes of a business spring clean is getting rid of clutter. This can be difficult because your business will naturally accumulate more information the longer it operates. What better way to clear up clutter than tackling your emails? Arrange some time in your diary and clean out your inbox by going through outstanding emails, filing the ones that matter, and setting some new email management rules to avoid another build up in future.
Dedicate time to learning new business skills
Being a business owner involves wearing many hats, even those that may feel unfamiliar. If you’re a numbers person, taking on social media might seem a huge challenge, but no matter what your strengths or weaknesses, we offer a range of free and low cost practical business skills workshops to help support your journey as a business owner.
If you’re in Western Australia, find out more about the small business workshops we have in the Perth, regional WA and online.
Looking for more tips to boost your business?
Our business information section has some great tips and information to help you improve your business, including links to handy resources to help you take the next step towards achieving each goal.
You can also contact our free business advisory service for guidance on a range of topics, including financial management, business planning and leasing premises.
