Time seems to pass by when you’re running your own business. Days are quickly turning into weeks, and before you know it, weeks turn into months. Often, you get so busy with work and tend to lose sight of the big picture. A business checklist is necessary to keep your business on track. That way, you’ll be able to trace what you’ve been missing out on, what needs to be implemented and what your business needs to improve on.
The first quarter of the new financial year is a perfect time to set your business up for success for the remainder of FY18. According to Inside Small Business, you need to ensure that these items are completed in the first quarter before proceeding with anything else.
- Review company’s goals/targets
One of the clever ways to review your business goals is to revise your FY18 budget based on FY17 overall performance. With that, it’ll be easier for you to monitor a list of things which include sales, marketing & advertising costs, employee expenses and so you can arrive at a target profit before tax.
- Access your overall financial status
Your business will not go far if you don’t access your financial status from the start. It is important to ensure you have a tight grip on your finances and to carefully manage your expenses and bills. Ensuring your staff are being paid in a timely manner, taking note to file your returns and paying your taxes on time will help leverage your overall financial status.
- Analyse your annual sales
Compare your previous FY and your current first-quarter sales. Questions you should be asking yourself is are you doing better than your previous FY during the first quarter? What are the things you can do differently this year? Does your cost and profit level challenge you? Changes at this stage can still be implemented and rectified. If you need to make amendments, always refer to your business plan as a guide.
- Build a good relationship with your customers & suppliers
In the business world, everyone is competitive with one another. But what makes your business truly stand out? Customers are most likely going to forget about the services you’re offering. Help them remember your brand by keeping updated with the latest marketing tool. Sending EDM’s out to your client database (electronic direct mail) is one effective way to share insights on your products, upcoming events and changes to the company. This will help keep your customers and suppliers stay in the loop with your business’ latest news. It’s also a great way to keep in touch with them.
- The power of social media
If you haven’t utilised social media to advertise your business, it’s not too late. Time to start leveraging on digital marketing as everything is available online and it’s accessible to everyone across the globe. Social media is one of the fastest and effective marketing channels to share about your product and service. Always ensure that you have fresh new content to share on your blog through Facebook or LinkedIn where you’ll be targeting a large audience pool.
- Engage SEO & Google Analytics
The way to move forward is to go digital, there’s no doubt in that. Both SEO and Google Analytics can drive an audience to your targeted website. You’re also able to view your web performance, what pages are performing the best or worst, what needs to be improved on and how you can make further changes to further boost traffic to your website.
- Keep your data safe
If your company has its own internal cloud-based system, that would be ideal for you to store your company’s information and data, especially sensitive material. Ultimately, you want to ensure that your data is safe and available to you when you need to access it urgently. Store them safely to prevent falling into the wrong hands of potential virus or hackers.
- Meeting with your advisors
Implement good practice by arranging meetings once every 2 months with your accountants, the board of directors, finance officers and investors to review and re-evaluate business performance in the last month or two to keep track of the flow. This step is important to ensure everyone is in sync with how things are moving in the company and to steer staff in the right direction. When it comes to the second or third quarter, you’re already prepared for the challenges that are heading your way.
Ultimately, it doesn’t matter if you operate a small or big business, a checklist is still a necessary guide for you to keep track on your company’s on-going performance. As business moves rapidly, it is important to make your quarterly checklist a priority to follow through. This may seem like a small deal, but it can be the only trigger factor that makes all the difference.
At FlexifundIt, we understand that running a business is not an easy job and that your financial status is a great concern. Our easy-to-use software offers cash flow payment plans to your clients and customers to carefully manage your bills and expenses. For advice on how FlexifundIt can benefit your business, contact the team today: