Your Business New Year Resolutions

A new year is an opportunity to set resolutions that will set your business up for success, achieve goals and growth and kick bad habits.

Here are some resolutions that you might like to consider for your business:

  • Cyber health check. With the recent hacks on Medibank and Optus, give your business a cyber security health check.  Review the data you are collecting, how you are storing it and most importantly, how securely are you storing it.  Make sure you are only keeping the information that you absolutely need.  Review your computer backup procedures.  Review your computer and internet security.  Ensure you have anti-virus protection.  Change passwords regularly and consider using password managers/generators.  If you are unsure of your computer security needs, seek help from a specialist.
  • Financial review. With economic pressures likely to continue into 2023 with rising costs, it is time to take a close look at your costs, prices, cashflow and debt.  Update your business plan (or put one in place if you don’t already have one), look at your budgets and cashflow forecasts and revise where necessary.
  • Stop procrastinating. The last few years have been filled with uncertainty but its time to stop putting off important tasks.  Are there changes (legal, technological, new opportunities) which you need to know about which will help your business?  Are there some new ideas which you have been meaning to investigate?  Stop putting it off.  Learn new skills and stay up to date.
  • Technology review. Much like the cyber health check – review the technology you are using.  Smart investments in technology can improve your efficiency and profitability.  Are there aspects of your business that can be automated.  As part of the 2022-23 Budget, the government announced the Small Business Technology Investment Boost.  Although not law yet, the boost will allow small businesses to deduct an additional 20 per cent of the cost incurred on expenses that support digital adoption by businesses, e.g., portable payment devices, subscriptions to cloud based services.
  • Down time. As a business owner, you need to factor in some time to step away from the day-to-day operations and think about what you really want to achieve.  Set goals – short and long term and how they can be achieved.  As a business owner you should also be ensuring that you are taking good care of your health and wellbeing, which could include giving yourself some time off.  Ensure you are spending time with family or friends; this is as important as reaching your sales targets!  Learn how to delegate (to employees or outsource) to give yourself a break.
  • Consider Networking. Networking makes and builds connections throughout the year which can be of benefit to your business.  This could be attending your business association’s meetings, the local chamber of commerce meetings, volunteering at a local sports club or attending a charity function.

If you have questions in relation to the above, or any other matters, please do not hesitate to contact our office on 1300 620 345.