The new year is a great time to take a step back and assess your business. What did you accomplish in 2018? What are you trying to achieve in 2019? Maybe your goals line up with some of the ones listed below. If so, we encourage you to take advantage of the resources and services recommended — they will help you be successful.
Goal #1: Operate More Efficiently
It’s easy to get complacent with manual systems that you’re comfortable with, but chances are, you could be more efficient by implementing new technology and automating the time-consuming parts of your business. For example, financial software can help you simplify and categorize transactions by integrating with your bank accounts and credit cards.
To better streamline your processes, check out our Business Owner’s Guide to a Winning Tech Stack.
Goal #2: Get Organized
Before you think about bigger goals, you need to make sure your finances are organized. Are you keeping up with the money coming in and going out, or could you have better control of your cash flow? If you’re feeling hopeless, start with a one-time cleanup that gets your finances where they need to be for the year ahead. If you have the basics covered and want to take it up a notch, bookkeeping and accounting can help streamline your financial workflows, from invoicing and collecting payments to paying the bills.
Getting organized also means you’ll be ahead of the game for tax season. Plus, you’ll save time and get paid faster.
Goal #3: Increase Revenue
With your processes and finances in order, you can focus on what’s important: Developing your business and identifying new revenue streams. We recommend watching this webinar for digital hacks to drive top-line revenue.
Whether you’re launching a new product or promotion or just focusing on getting some big deals across the finish line, make sure you have a good bookkeeping system in place to manage this influx in revenue.
Goal #4: Plan for What’s Next
If your business is in a good place, it might be time to focus less on the “now” and more on the future. If this sounds like you, consider working with a controller or a CFO to help you financially prepare for what’s to come. Controllers are great if you need help with things like cash flow forecasting, while a CFO to help with high-level financial needs — including getting a line of credit, raising money, or preparing for an M&A to name a new.
Goal #5: Expand the Team
If your business is growing, your team likely is too. This brings about an entirely new set of challenges. What roles should you hire for? How many people can you afford? Remember, you may not need to bring on full-time team members. For example, it’s much more cost-effective and just as valuable for small and medium-sized businesses to outsource bookkeeping and accounting work.
Check out our guide on hiring independent contractors vs employees. By keeping your finances clean, bookkeeping makes these decisions easier and clearer. This also helps with payroll, which becomes harder to manage as you grow.
Goal #6: Avoid Burnout
Remember, you don’t have to do it all — and you can’t. Burnout is real. So take this time of year to focus on habits that set you up for success.
Many of these tips can give you more time for what’s most important: Focusing on the areas of the business that only you can do. If you’re considering hiring a bookkeeper, controller, or CFO, check out our Buyer’s Guide for help choosing the right one for your business, or get in touch if you have more specific questions.