Setting financial business goals for 2022

If you’re here, you already know that staying on top of your finances is an integral part of being a small business owner. You probably just need a little insight on the most effective, efficient way to do that — great, we’re here to help. 

The end of the year provides a great opportunity to sit back, set goals and prep your business for a better year ahead. With COVID-19 still lingering around, businesses need to be more prepared than ever for the uncertainties of 2022, particularly with WA borders set to open again. Here are some of the things that can help you do just that. 

1. Review your budget

Developing an annual budget for your small business is an extremely important first step in helping you manage your finances effectively all year round. Budgets help guide your business decisions ahead of time, as well as determine any plans for expansion. When looking over your businesses finances, check your cashflow, and be realistic about what you need to do going forward to better your small business.

2. Go paper-free

One way to help you stay organised and stay on top of your small business’ finances is to go paper-free. This makes it easier to track when payments are due by you, or owed to you. Digital automation here allows for consistent, predictable bill payments to help with budgeting and prevent overdues. It also streamlines organising, filing, replying to, and tracking emails. Not to mention, it’s much better for the environment.

3. Get in the habit of financial forecasting

Study market trends to help forecast your financial position and business plan accordingly. Using up-to-date knowledge, from reputable sources, of what’s going on in your industry will help you gauge a clearer picture of where your small business is heading as well as any impending challenges. This enables you to amend any obvious flaws and forge a better strategy for the growth of your small business. 

4. Manage debt

You really want to avoid carrying debts over year-to-year. The start of the new year can be a great time to sit down and, strategise and figure out the best way to tackle and make some strong, consistent debt repayments.

5. Get savings savvy

A backup savings plan is a must, especially in the context of what we have experienced over the past two pandemic-years. Having a good savings plan for your small business helps protect you should anything go wrong. While you budget for the new year, be sure to factor in what you need to do to have enough savings to cover any potential business losses.

6. When in doubt, seek help

As a business owner, you’ve got a lot on your plate. Finance planning and management is one of the easiest and most affordable things you can outsource. And of course, professional finance assistance is the best way to help support your small business finances. 

Instead of procrastinating, spending too much time on the job, worrying about it or making mistakes, hire a professional who knows what they’re doing, and actually enjoys it. Here at Ascent, we specialise in small, medium and family owned/operated businesses. If you want some extra help or advice to help nail your business finance in the new year, please get in contact — we’d love to help. 

Things just got personal 

Looking to clean up your personal finances? We can help you budget, plan, and implement some smart-spending strategies to help boost your personal finances. Together, we’ll work with you to set realistic goals so you can enjoy the things you want to, without leaving a huge dent in your week-to-week paycheck. Sound good? Call us.