4 New Year’s Resolutions to Set for Your Business

With the end of one year, comes the start of another exciting period for your business. Whatever your niche or target market, managing your business finances effectively and efficiently is an aim for every organisation, no matter how big or small. The start of a New Year is the perfect time to set new goals for your company.

As a leading accounting service, we’re in the business of helping our clients save time and money. In this blog post, we reveal four resolutions to set for your business so you can make 2020 your year!

  1. Make cashflow king

Poor cashflow is one of the main reasons why so many businesses shut their doors for good. So it makes sense for companies of all sizes and niches to set this as their first business-focussed resolution.

Keeping a close eye on your finances is a great place to start when managing your cashflow. Regular finance checks are essential for stopping any potential cashflow issues in their tracks. If you don’t have the time or expertise to monitor your business finances alone, why not outsource to an accountant like us? We can manage your books and help plan for a more positive financial future. We can also give you access to accounting software that suits your business and subsequently makes your finances easier to understand.

  1. Dedicate more time

Dedicating more time to your business is easier said than done. But by outsourcing aspects of your operations to the relevant professionals you can free up the time you need to focus on growth and development. We’ve already mentioned how outsourcing your bookkeeping could be beneficial, but other areas, such as marketing and payroll, can be successfully outsourced to streamline operations and aid innovation.

  1. Get the right backing

Now is a great time to secure the investment you need to take your company to new heights. As the UK prepares to make its departure from the European Union, government support for businesses is more accessible than ever.

Private and government backed investment schemes are worth investigating, particularly if you are a small to medium sized enterprise (SME). The Seed Enterprise Investment Scheme is one such initiative that aims to help SMEs secure the capital they require to trade effectively.

  1. Claim those reliefs

There are so many untapped reliefs just waiting to reduce your tax liability. Make sure you’re claiming for what you’re entitled to to ensure you’re keeping more of your hard-earned cash.

Need help making better financial decisions for your business in 2020 and beyond? Get in touch with our accounting specialists today on 0191 251 7599 for advice and assistance. Alternatively, please email info@hurrenaccountants.co.uk.

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