The new financial year has just begun. All business owners irrespective of the size of their business must be busy making new plans for the new year. The bottom line of all these resolutions will be more sales and more revenue. So, let us check out some of the financial resolutions that you must do for your business.
- Keep track of the cash flow
Small business owners normally fail to keep track of the cash flow. This year make sure that you find out about cash in and cash out. Make sure that your customers pay on time. Keep a record of all these things so that you get a better idea of your profitability.
- Clear all those debts
If you have any outstanding amount or debts or small business loans, make plans to clear these liabilities. Check how much interest needs to be paid. Plan out how you can repay all these debts. Often clearing all liabilities may not be possible in one instance,but then you can always prioritise and make plans to pay for parts.
- Pricing of your products and services
Now obviously you want to make a profit from your business and cover all the overheads. The pricing of products or services plays a crucial role in generating profits. Sometimes the prices will vary from customer to customer and the type of services that you are providing. It is better to get more organised and have at least a little bit standardisation of all the prices.
- Payment factors
Be very clear the terms and conditions of payments. You must have complete clarity about the credit period that you will give to your customers. You need to be sure about how you will pay your employees etc. Most profitable business try to maintain their AR (Accounts Receivable) cycles lower than their AP (Accounts Payable) cycles.
- Focus on taxes throughout the year
There is a general tendency to calculate the taxes that need to be paid and other related things as one starts approaching the end of the financial year. It is better if you concentrate on this factor throughout the year so that you are better prepared at the end of the year. It is important that you have updates about tax law and filing deadlines.
- No repetition of past mistakes
It is important that you revisit your past year records and make sure improvements. You need to check all the details of the revenue that your business generated, mistakes that you could have avoided etc. Make sure that you do not repeat those mistakes.
- Let accounting always be on your mind
If your accounting software is outdated, updating it would be the first choice. Also, check out the things where you spent unnecessarily. Think and plan out how you will reduce cost and increase the profitability of your business. This will be possible only with proper accounting.
- Customer opinion
If you want to improve your sales, then you need more customers. You also need to retain your customers. So, you need to take customer feedback and work towards giving them a better experience with your products and services.
- Be clear on your goals for the new year
Be very clear about your goals for this year. Analyse where you need to invest to get a better return on investments. You may also think of taking small business loans for the same from a reliable source.
Here is How You Can Get A Business Loan
Most entrepreneurs think that getting a business loan involves complicated procedure. But that is not true. These days it is possible to get a business loan quickly and that too without visiting the branch. No security required and online approval. It is that easy.
All that you need to give is your pan card, addhar number, current account statement of one year. The business has to be at least one year old. The applicant will have to give valid business proof for the same. There is hardly any paperwork,and you also get the advantage of flexible tenure.
Take your business to new heights in this new year. But for this, you need to make realistic resolutions which will help in giving a boost to your business, improve sales and give your good return on investment.
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