The past few months have been a whirlwind for many New Zealanders. From devastating weather events to rising pressures on the cost of living, 2023 has had a very difficult start. But the promise of a new fiscal year presents a chance for small business owners to reset their work routines, creating new habits, goals, and even well-being practices. to make life a little easier.
Despite continued uncertainty, the end of the year is an ideal time to think about how to prepare for a successful 2024. See what’s under your control and (as much as possible) plan for what’s not.But most importantly, remember why You started your business first. We’ve put together some tips below to help you get started. What would you like to add to this list? Let us know in the comments section. I look forward to hearing from you.
1. Stay on top of numbers with technology
There are many things the Xero platform can do to ease the pressure of running a small business. However, some entrepreneurs have yet to reach their full potential. So in the new fiscal year, why not try out the following features and tools to help you work smarter and harder.
- Unlock cash flow insights Zero analytics: When was the last time you saw a short-term cash flow forecast? Xero Analytics is the tool that helps you access this information. Make data-driven decisions and align with advisors on future goals.Plus, it’s free with Starter, Standard, Premium, and Ultimate schedule at zero.
- Streamline your bills. If you were billing from another solution other than Xero, you may have missed a trick. If you’re on the Business Edition plan, you can easily see your incoming and outgoing payments at a glance. Xero files can be used to store everything from receipts to contracts to correspondence with vendors and suppliers. Having all your data in one place not only simplifies your life, it also makes your advisor’s life easier.
- Say goodbye to manual data entry hub dock: If you’re on the Starter, Standard, Premium, or Ultimate plan, you can automatically save a copy of your documents and important information with Hubdoc, a platform that makes capturing data easy. For example, Hubdoc posts invoice details directly to Xero so you don’t have to do it manually. Plus, having all your bills in one place makes it easy to keep track of your weekly cash flow.
- Invoices on the go zero app: Access your number anytime, anywhere with Xero’s mobile app. This allows you to send invoices as soon as the work is done, so you get paid faster. And with payment services enabled, customers can pay directly from their invoices with the click of a button.
2. Take care of yourself by scheduling weekly downtime
It’s important to take time for yourself from time to time. Especially for small business owners who are often under a lot of pressure. Whether you’re going for a walk, taking a yoga class, going to the movies, or spending time with your family, set aside time each week to focus on what fills your cup.
If you would like more support, all Xero customers in Aotearoa, along with their staff and families, zero support program (XAP). Until March 31st, this applies to all SMEs in the country. north island. For more information, firstname.lastname@example.org or follow these are procedure.
3. Discuss the year ahead with your advisor (sooner or later)
If you haven’t already consulted your plans for FY24, now is the time to reach out to your advisors (and if you have a mentor or business coach). Set a few goals, like creating a monthly budget, tracking your cash flow weekly, and upskilling in a future-focused area. Also, remember that advisors can offer a lot of wisdom beyond the basics (like GST and tax planning). So whether it’s been 12 months or two weeks since we last spoke, get in touch to plan for the year ahead.
4. Think of advisory as an investment
Note that the advisor’s expertise is not only available at the end of the fiscal year. How often we meet is up to you. However, the more often you connect, the more likely you are to build trust. This is an integral part of the client-advisor relationship. After all, an advisor can only help you if you are open and honest. If so, find someone you really connect with and prioritize building relationships early on.
Don’t let the new fiscal year pass you by. Now is the time to refresh and get FY24 off to a good start.Looking for more information? Check out our EOFY resource page.