It seems like only yesterday we were preparing for Tax Time, yet here we are again!
Here are 7 tips to help your business prepare for tax time:
1. Are you on track to meet your targets?
If not, what could you do to help your business grow? Or is there a way that you can be saving some money? Seek guidance from your accountant or bookkeeper to find out if there is a better way to manage some of your finances.
2. Are your equipment, tools and other machinery working efficiently?
Taking care of your tools, equipment and machinery is important to prolonging the life of that equipment, especially in a commercial or industrial setting. Make sure you service any equipment you have (be it a printer, commercial fridge, or a car) as regular servicing increases reliablity and efficency. In cases of Food Equipment regular servicing is needed to maintain food safety compliance, reliability and efficieny – speak to us about getting a food service technician. Proper care and servicing not only extends the life of your equipment, but it reduces down time.
3. How do you track your goods and services?
Keeping good records makes running your business easier. Check that your point of sale system is up to date with the latest technology. Some systems can be quite affordable due to the rise of start-ups and technology developments that make it affordable and easily accessible for small businesses. Capterra is a user generated review site, here is a link to a page that lists of the latest POS systems on offer, click here. Have a look upgrading may be cheaper than you thought.
4. What is your marketing plan?
Set and review your goals and priorities. Its a good idea to think about busy and slow periods and see what you can do to attract customers on those slower days. Think about a compelling offer that would appeal to your target audience. For example if you notice your cafe is located in an area with lots of dogowners, perhaps (council and insurances permitting) you could open out an outside area where owners can take their dog with them to coffee. What ever you decide, keep in mind that novelty and delight helps to gain attention in this modern age.
5. As a small business owner, you require a variety of skills!
Have you thought about updating your own skills through community college or a training organisation?Sometimes a quick course here or there can help you to save a lot of time in the long run. Not to mention that learning new things helps to keep your brain and mind healthy!
6. Do you have current insurance and all your licences?
Have you paid a yearly liquor licence fee? Are there any licences that you require that you need to renew or have updated? Do you have the right insurance policy for your business? It’s good to check up on your policy, compare quotes and policies for the peace of mind that you are covered. Check out bizcover.com.au for information on insurance and quotes.
7. Check relevant awards to confirm you are paying your staff correctly.
This is key to retaining dedicated, loyal and hard working staff. Check out fair work here.
Get organised for the end of financial year today!