With the end of a financial year looming, how does your business performance compare against your budget? Does your year-end cash balance look as healthy as you had forecasted? Did your expenditures look reasonable? Or perhaps you had not put in place a budgeting nor cash flow forecasting process?
These processes are powerful tools and they give business owners an opportunity to reflect on their business and use it to plan for the coming year’s activity. Here we would like to give you some pointers on what you could consider for 2013-14.
There had been some recent information technology developments that resulted in timely and cost-saving applications for your business. Cloud Accounting and improved Internet Banking are some great examples of cost-saving ideas, like eliminating costly cheque books and labour processing expenses. Have you also considered cost effective marketing by using social media such as Facebook and Twitter?
If your business involves machineries and equipment, perhaps you might want to consider investing in those which are more energy-saving and cost effective as there had been significant changes in equipment development, especially in the transport, agriculture and manufacturing industries. Now that interest rates are at a record low, consider replacing ageing and inefficient equipment with those having more effective and efficient technology, saving you on lower running cost and interest charges, and perhaps also increasing your productivity.