As we move towards the new financial year from the 6th of April, some business leaders may be feeling that their business has stagnated and slowed in its growth. We can all fall into a routine and forget to look in our side-view mirrors for additional opportunities that can give our business a boost.
While the new financial year is only officially intended to act as a way to separate taxation periods and ensure that businesses are submitting accurate financial information from the previous year, it can be the perfect time for business leaders to refresh their businesses with a ‘spring clean’ of its own, but it can be difficult to know where to start.
“As we approach a new financial year, it’s important for businesses to ensure that their financial records are complete and have been filed appropriately, including evidence of how National Insurance contributions and PAYE have been calculated for employees – should you be asked to submit it for review.
“Of course, finances are at the forefront during this time. However, the new taxation year is a time for businesses to not only get their finances in order, but also ‘spring clean’ their business by re-defining their primary goals for the upcoming year and establishing their branding in a way that represents their current direction.
“Sometimes, we tend to get swept along and stick with what we’ve known to work in the past, and this can include things like our business plans, websites, and even the way we organise our offices, among other areas that might not be reviewed too often.
“The coming of a new financial year can provide a much-needed opportunity to take a closer look at these aspects of our business and determine whether they need to be spruced up. This is really the time to review what has worked well, and what might need some additional attention, with the ultimate goal being to promote further growth in the next taxable year.”
To help business owners find new ways to ‘spring clean’ their businesses, Connor has shared the following tips:
- Get your paperwork in-line
Ultimately, the end of one financial year and the transition into another is the ideal landscape to give your books a deep-clean. Business leaders should use this time to ensure that they have all of their financial documents ready and accounted for, should they be required to submit evidence to HMRC. While businesses are organising their paperwork, this is a good time to review the financial wins and losses of the last 12 months. This can help to build forecasts for the next taxable year, alongside ensuring that sensible financial decisions are made to encourage growth.
- Review your business strategy
For most business owners, they start out with a business plan. However, many of us are guilty of neglecting to check back in with that plan as our businesses grow and develop, which can occasionally make it feel like we’re sailing without a paddle. The start of a new financial year provides the excuse and opportunity for business leaders to return to their business strategies to determine whether they are still effective and, if not, implement new ideas to help bring their business back on track.