It’s 2022! Happy New Year!
This is such a great opportunity to start off your new calendar year on the right footing, no matter what the last two years have demanded of you in your business.
We going to make some suggestions and tips for you to use or to keep in the back of your mind when setting your business goals (and a sneaky personal goal) for 2022 or if you feel you just need the path for 2022 for your business.
Sit Down and Set Your Goals with a Cuppa' and a Muffin
Goal setting is one of the most powerful, proven ways to move you and your business from where you are now to where you want to be into the future.
Just simply taking the time to write down what you want to achieve financially – and non-financially – in your business will bring you closer to that goal. The more specific the goal, the more likely you are to achieve it. So, take the time to jot down at least three key goals you want to achieve for 2022.
Have You Set Your Budget?
Review your money spent over the past two years by adding up your bank debits and expenses on your credit card statements. Once you know what you have spent and what you have spent it on, then you can think about whether you need to make changes or reduce your spending.
Think about whether your business is getting the best bang from its bucks. If you can’t answer that question, it’s time to create a budget for your business. Having a budget should be the number one priority for to assist you in reaching your financial goals.
Build Your Cash Buffer
Now you’ve set your budget, it is time to put aside any extra into a cash buffer for your business. With the fat you’ve trimmed in your budget, you will have allowed for savings. The amount might seem small to begin with, but every little bit helps.
A fantastic way to force yourself to save is to create a savings account without direct access, this will stop you getting too easier access.
Increase Your Personal Super
Superannuation is a great savings vehicle for your retirement but you are limited by the amount of money you can put into it each year - $27500 is the cap this year. Super payments are also an expense deduction for your business.
Plan for the Unexpected
It’s crucial you have a strategy for when the sh#* hits the fan. Loss of income due to unforeseen circumstances can be crippling for any business.
So, check your insurance cover to help protect your strategy, making sure that those you will have one less thing to worry about should something bad happen.
Regularly reviewing and re-evaluating your insurance policies to ensure they are updated with your, and your business’, current circumstances, can mean that you are completely covered and can save you a lot of money and heartache down the track.
Click here for a deeper dive into how to routinely review and plan your business throughout this year.