New year, new you. We’ve all gotten through a tough year and are entering one which may only get tougher. However, this is the best time to reflect and put into practise everything we have learned.
The way in which business is conducted may be changed forever, and it is true that certain things will become prioritised over others, but it is still important that you stay on top of the basic things. Here are some new year’s resolutions for you to adopt into your business as 2021 progresses.
#1 Be organised with your financial records
Every business director we know hates that time around the end of October when they need to collate every receipt and expenditure throughout the year for their yearly tax return. It can be stressful, especially if you aren’t brilliant on the numbers side.
Avoid this annual panic by making your tax return a consistent and low-level effort throughout the year. We recommend using our online accounting service, which will keep you sorted and organised throughout the tax year.
#2 Keep your personal time and work time as separate as possible
Running a business can very quickly become an all-consuming endeavour. It is important that you remember to leave yourself time to sleep, eat and engage in your own hobbies. Running a business does take time and dedication, but you mustn’t burn yourself out.
Set yourself reasonable working hours. When those working hours are done, relax and try not to think about anything related to the business. Don’t read your email. It can wait until the morning. Our director, Chris Weston, doesn’t even open his emails until he knows he can actually action the request, and has a specific portion of his day dedicated to email.
#3 Timetabling saves lives
When you’ve got one million tasks and no idea how to prioritise them, things can very quickly get out of hand. Being overwhelmed can actually freeze your ability to work, so you will end up avoiding essential tasks and get nothing done.
Get a planner, make it your bible. Set deadlines for tasks and stick to them. When booking anything, check the planner. It is important you are religious about this.
#4 Set expectations more effectively
Are you a Yes-Person? When a business starts picking up it can be tempting to take on every bit of work that is offered to you. Maybe it’s that your eyes have turned into cash symbols, or maybe you are excited about getting the work out.
However, if you over commit yourself, you will underperform. Avoiding burning the candle at both ends will allow you to deliver quality to more customers than you can physically handle.
Disappointing customers with poor products or services will end up losing you more money and respect in the future. Be upfront about what you can handle during consultations. Start a waiting list if necessary.
#5 Put aside 20% of your earnings in a savings pot
Even if you are earning below the threshold where you need to pay tax, it is still good practise to put 20% of your earnings aside in a savings pot. The reason for this is simply, times can suddenly become hard, as we have learned this year.
A rainy day fund is vital and could be lifesaving.
At Aston Black, we have decades of experience with small businesses. A small accounting firm in the midlands, we are able to offer a more bespoke service, including advice and support to start-ups. This ranges from tax efficiency to management.
If you would like to request a free no-obligation call to go over your tax and business needs, then fill out our contact form.