Just the way you spring clean your house for the New Year, your business needs spring cleaning as well. The New Year is time to sit down and evaluate the productivity of your business. Is there a product or service that’s not working? How about an unproductive company culture? Or is your branding outdated? Here are five essential areas to look over for the New Year.
- Staff development and efficiency
Are the needs of your company being efficiently fulfilled by your employees? Examine the roles and responsibilities of each employee to see if any restructuring is required. For example, are there any overlaps in responsibilities, or areas that could use more attention from a manager?
As the business grows, so should your staff. Monitoring their development and helping them bring their strengths to the fore not only improves morale – it also increases the value of your employees and your company.
- The cash flow statement
Analyzing your company’s cash flow statement will give you a clearer picture of your company’s financial health, and the ways in which you can improve cash flow. For example, are your customers taking too long to pay you? Does your revenue show consistent growth?
Accounting software such as QuickBooks Online can be used to improve the cash flow process, allowing you to track and manage incoming payments and outgoing expenses with ease. It also allows you to automate processes such as invoicing, reducing the risk of human error through manual logging.
- Your brand messaging and digital presence
Your company’s website is often the first touch point with your consumer. It’s essential to look through your website for outdated information and refresh it. This includes your contact details, information about your products and services, as well as promotions and events. Is the site’s layout effectively supporting your products and services? Are your e-commerce options secure and fuss-free?
- Long-term business goals
Looking to the year ahead, this might be a good time to think back to your original business plan and company vision to assess whether you’re on track to achieve your goals. Has there been a change in focus since the company’s inception? Is it still relevant in today’s market and industry conditions, or is it time to re-strategize?
- Outdated technology and hardware
Technology advances rapidly, and owning outdated versions of hardware or software is often the cause of unnecessary clutter. Look into updating your hardware and digital applications, or replacing them with new tools, especially if your business relies heavily on them.
Additionally, consider upgrading to cloud software to increase efficiency. For example, your accounting statements, payroll and cash flow statements can all be accessed and viewed more easily with cloud-based solutions, such as QuickBooks Online. Your data is securely and automatically backed up and synced across all your computing devices so you can share your documents with an authorised few without worrying about the risks of confidentiality breaches and loss of data due to misplaced paperwork.
For more information about how QuickBooks Online can help your business, check out our blog.