As we near the end of 2022, both Ellis & Co. and our clients are in the midst of boxing off our financial requirements for the current year and planning for the year ahead.
Of course, the beginning of the New Year typically comes with those all important resolutions. And its not just individuals making them, business owners and managers will also make their very own New Year’s resolutions that aim to take their business to the next level over the next 12 months.
So, what are some of the key resolutions businesses are making this year? We take a look below…
Keep in regular contact with customers
Particularly when you’ve been working with a client for a while, you can quite easily fall into a regular routine of work that means you no longer require frequent contact with your client. However, maintaining this vital point of contact, whether it’s a monthly or even quarterly meeting, can be crucial to ensuring you are consistently delivering what your client requires.
Assess your cash flow
Cash flow is, of course, a critical component to the success of any business. According to research, 80% of small business failures are as a result of poor cash flow management, and therefore it is highly important that you consistently review and forecast for the year ahead. Many businesses utilise the expertise of their chartered accountant to do this.
Meet your deadlines
Year in year out there are a number of financial deadlines that business owners must contend with. Whether it’s a filing deadline for self-assessment tax return, your PAYE quarterly payments or submitting your P46, failing to meet these deadlines could result in financial penalties. You can keep up to date with upcoming deadlines on our handy Tax Diary page.
Look for opportunities for growth
Following the challenges of the past few years, many businesses are looking to seek out opportunities for growth. Investing in business consultancy, marketing, new technologies or your team, has the potential to make a huge difference to your business in 2023.
If you are looking to take your business to the next level in 2023, speak to the Ellis & Co. team to find out how our services could help you to achieve this! Call us on 01244 343 504.