Our Top 5 Tips for the Start of 2017
With the Christmas/New Year period rapidly approaching, here are our top 5 tips for what to keep in mind heading into the start of 2017:
Bill early, get paid early
The post Christmas/New Year period is typically very tough on cash flow. Make sure you are billing everything you can before the break and stay on top of your debtors early in the New Year. Remember, generally the quicker that you invoice, the quicker you get paid. Don’t leave your billing run until things start getting tight in January, especially with BAS due in February.
Don’t get stuck with a post Christmas performance hangover
While everyone deserves a break over the Christmas/new year period, the usual January slowdown can create a performance funk that can be difficult to get out of. Keep on top of employee performance and make sure that it is at the standard that it needs to be at.
Check in with your Registered Office
If your registered office is somewhere other than your office (e.g. your accountant’s office) make sure you check in with them in early January to ensure that there have been no unwanted gifts delivered over the break. This is a critical issue given that many professional services offices will close over the period. Remember, all that is required for service to be effected on a company is for the document to be posted to the company’s registered office.
Use the quiet time to address the essentials
If you find yourself with extra time during January, have a look at your critical documents such as your client engagement forms, terms and conditions, shareholder and/or partnership agreements. Are they still relevant? Do they still do what you need them to do?
Track your progress
Review the performance of the business for the first half of the financial year and think about the small adjustments that may need to be made to turn a good 2017 into a great 2017.