By Dipali Nishad for SKB Accounting

 

Each year, people all over the world have a new resolution to improve their mental health, physical health and career goals among many others. We are here to remind you of some business resolutions that you might not want to miss out on in 2022. 

  1. Reform Business & Marketing Plans: No business can stand out in the corporate world without an effective business and marketing plan. You must have stepped in your industry with one. However, with the passing time, it requires an update as your finances, business goals, competitors and range of a team change. If you wish to expand your business or start a new project, you may need to take a business loan. Revisiting your financial plan according to your changing requirements becomes crucial here.

    With the technology driven world, not riding on the latest marketing trends can cost a decline in your profits. You can analyse the success of the marketing plans you used last year and curate the best one for the new year. Brainstorming and designing marketing strategies with your team will give you an edge over competitors.
    Here are some marketing strategies that you shouldn’t miss out on.

  2. Take Professional’s Tax Planning Advice: Tax is complicated, that’s why a tax professional’s advice is essential. Tax planning is a legal process where a CPA or some other tax professional expert arranges and looks at all of your business expenses, revenues and activities to inform you of all the tax breaks or waivers available to you.  Tax advice is considerably a saving to your business. They help in restructuring your company finances to make them more tax-friendly.

  3. Clear unpaid Customer Invoices: Unpaid invoices directly affect your cash flow. If an invoice is unpaid for a very long time, don’t hesitate to give a gentle reminder. However, always verify that the invoice had clear details like due date, amount of invoice, customer’s name, course of action if the deadlines are missed, invoice is mailed/sent at correct address, etc.
  4. Prioritize Company Culture: The Alternative Board (TAB) stated in its survey of business owners that 86% of respondents say they believe company culture directly impacts productivity. As a small business owner, it’s important to understand and maintain good relations with employees. Your company culture influences individuals mindset, engagement and internal coherence in the actions of employees having diverse backgrounds.

    “Customers will never love a company until the employees love it first.” – Simon Sinek

    You can conduct surveys on an anonymous basis to get their take on the company culture. Then accordingly analyze and curate a culture that portrays your business value while also prioritizing the requirements of employees.

  5. Outsource Accounting Functions: In the last few years, did you ever feel that your employees or you are not able to make time for complex operations of the business due to in-house accounting?

    Yes, then outsourcing is your call.

    Outsourcing the accounting department can bring massive changes in your efficiency and performance because of the following reason:

  • Eliminates Cost & Time of Hiring & Training an in house accounting department
  • Get Expertise of Accountants and Professionals from different industries
  • Accounting firms use latest automation technologies which provides accuracy
  • Handles and gives best advices for your accounting department, so that you can focus on your primary operations

Schedule a meeting with us here to keep your business ahead of the curve this year!