How to Prepare Your Business for the New Year
As the holiday season approaches, it's time to tie up any loose ends and prepare your business for a fresh start in the new year. By prioritising these essential end-of-year activities, you can ensure a smooth transition and greet the upcoming year with confidence and organisation. Read on for tips from the team at Affinity Accounting, Wellington.
Strengthen Client Connections
The holiday period is ideal for reaching out to your clients, expressing gratitude for their loyalty, and checking in on their satisfaction with your products or services. Whether you choose to send a heartfelt holiday card, an appreciation email with a special offer, or make personal phone calls, it's the sincerity and personal touch that your clients will remember. Demonstrating genuine care can strengthen relationships and build lasting goodwill.
Revamp Your Financial Records
Staying on top of your accounting and bookkeeping is crucial, and if you're still using outdated spreadsheet systems, now is an opportune time to consider switching to cloud-based accounting solutions like Xero. These platforms are cost-effective tools for small business owners, enabling real-time financial insights and saving both time and money. In the meantime, ensure all receipts are recorded, invoices are current, and your accounts receivable and payable are up to date.
Evaluate Pricing Strategies
With a clear understanding of your financials, assess whether a price adjustment is warranted for the new year. Review your expenses, profits, and financial goals to determine if a rate increase is sensible. Regularly adjusting your pricing not only reflects increased costs but also the growing value you provide as your business matures. Notifying clients of changes in advance ensures transparency and smooths the transition.
Consult Your Accountant
Meeting with your financial advisor before the year ends is a strategic move. Discuss your goals for the upcoming year, business planning, and any potential changes to your business structure. Our team can also provide invaluable tax planning advice and highlight any tax-saving opportunities before March. This proactive approach can set you up for financial success in the new year.
By following these end-of-year planning strategies, you can position your business for a prosperous new year. Completing these essential tasks will not only prepare you for the months ahead but also allow you to enjoy a well-deserved, relaxing holiday season. Here's to a successful and organised start to the new year!
Get in touch with us to learn how we can help you.
Affinity Accounting is a team of Wellington Accountants who love to help small businesses realise their potential.
What our clients say
“We started with Affinity Accounting in April - moved from MYOB to Xero and after reviewing our accounts Affinity Accounting were able to point out where we could claim deductions we weren't currently claiming. Dylan is really helpful and timely with emails and replies. Highly recommend”
-Anne Blackburn