April 2024 has whipped around fast, which means it’s that time of the year to start reviewing previous financial reports, planning for new budgeting goals, and preparing for the new financial year. In the realm of business, effective financial planning stands as an essential component, guiding businesses towards stability and eventual success through foresight and awareness. Let’s dive into some of the key actions to avoid that will help ensure that your business effectively manages its finances.
Don’t push back the tax return process: While it may seem tempting to procrastinate or delay this process, undertaking the tax return process on time is of paramount importance. To avoid potential penalties and hefty fees that impact your finances, it is always worth filing tax returns promptly. The Inland Revenue Spokesperson Richard Phil has recently stated on Newstalk ZB that they will be sending the construction sector a final warning to get on top of business tax obligations with 40,000 businesses with outstanding debt. Don’t get caught out.
Don’t keep the same marketing strategy: With the ever-changing industry trends, mindsets and consumer preferences, marketing strategies should be re-assessed for your business to maintain relevance. The start of a new financial year often presents an opportunity to evaluate the effectiveness of previous marketing efforts and adjust strategies accordingly to what went well or wrong. By staying aware and responsive to market changes, businesses can seize new growth opportunities and maintain momentum throughout the year.
Don’t forget to record your financials or expenses: Tracking down all your business’s expenses increases your ability to stay within budget and follow your financial goals. Failing to record financials effectively defeats the purpose of having a budget and can have serious repercussions, including financial, legal and reputational risks which can.
all affect your business significantly.
Don’t ignore the potential improvements to your business processes/ systems: Let’s face it- technology is taking over the world and staying competitive demands adaption. Take advantage of AI and technology to significantly improve your business processes and even consumer experience. Utilising AI tools such as automated tasks, data analytics and SEO, you can drive efficiency, lower costs, and stay ahead in this competitive market. Check out the Hubspot For Startups latest report, based on insights from a thousand startup founders and how AI is revolutionizing the industry.
As we enter the new financial year, it’s essential to approach it with careful planning, adaptability, and strategic foresight. Consult our advisors to delve deeper into each of
these steps and kick off your financial year on the right note.
Need to prepare for the year ahead? Check out our Business Resilience Workshop available only in Auckland.
