We hope you picked a winner!
The month began with a flutter on the Melbourne Cup, the race that stops the nation. We’d like you to know that we are always a safe bet when it comes to your taxation, superannuation, business activity or investment needs. Our business and your business, now that’s a winning combination!
Small business end-of-year planning tips
With the holiday season nearly upon us, it’s wise to set aside some time to tie up loose ends so you can start the new year fresh, organised, and ready. Before you leave on a beach break for some well-deserved time off, prioritise your ‘must-do’s’ and consider adding these end-of-year business activities to your list:
– Update your financials If you’re still using a spreadsheet system, now is a great time to consider upgrading to cloud-based accounting for the new year. There are many cost-effective solutions designed for small business owners to save time and money.
– Consider a price increase Crunch the numbers and you may decide to raise your rates in the new year. Take into account expenses, profit margins and financial goals. Increasing rates at the beginning of a new year will also make sense to clients.
– Meet with your accountant
We are always here for a chat about your financial needs. You can go over your goals and decide whether changes are needed.
Tips for getting rid of slow-moving stock
Stale inventory is a costly nuisance for any business owner. Ideally the rule of thumb is to sell the goods taking up space on your sale floor within 90 days. After that time, products become much harder to shift. Our ideas are to:
– Offer discounts
– Hold a flash sale
– Bundle items together to add value
– Refresh your marketing strategy
– Consider selling online
Entering the silly season
There’s no doubt that you need to pace yourself when it comes to the silly season – which is filled with parties and overspending. Just as you need to take it easy on a night out, you should also consider your wallet and try not to overdo it as December dawns and the Christmas rush takes over. Tips from us are to avoid impulse purchases, head to the shops with both a plan and a budget in mind and live within your means. You really don’t need a credit card hangover to start the New Year! Contact us if you need some help with Christmas budgeting.