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6 Tips For Business Owners

We want to share 6 tips for business owners when it comes to business planning and accounting.

It is important business owners stay ahead of their accounting and not fall behind with the Australian Tax Office (ATO).

Here are few key ways to be prepared so your business continues its success throughout the year.

Time Management & Planning

Time management is the process of planning and controlling how much time to spend on specific activities. Good time management enables an individual to complete more in a shorter period of time, lowers stress, and leads to career success.

Please see below the 3 functions of time management;

  1. Planning: This function is about strategising how to allocate your time effectively based on the tasks, projects, and goals at hand. It involves prioritising activities, setting realistic deadlines, and creating a structured schedule. Good planning not only outlines what needs to be done but also considers the importance and urgency of tasks, ensuring that your focus is on the most impactful activities. Often we are “busy” but without really achieving our goals.
  2. Execution: This stage is about putting your plan into action. It requires discipline and focus to adhere to the schedule you’ve set. Effective execution means managing distractions, maintaining productivity, and adapting as needed while staying true to your planned objectives. It’s about making the best use of your time by efficiently completing the tasks you’ve outlined in your plan.
  3. Evaluation: This final function involves reviewing how you’ve spent your time. It’s about analysing your efficiency and productivity, identifying what tasks were completed successfully, and recognising areas where time may not have been used optimally. This reflective process is crucial for continuous improvement, allowing you to adjust future planning and execution strategies for better time management. By evaluating, you learn from past experiences, which helps in refining your approach to managing time more effectively in the future.

SWOT Analysis

The beginning of the New Year, or New Financial Year is a great time to evaluate the previous year and complete a S.W.O.T Analysis and help your business explore new solutions, identify barriers that will limit goals/objectives, decide on a direction that will be most effective, reveal possibilities and limitations for change, revise plans to best navigate systems, communities, and organisations.

See below S.W.O.T breakdown;

SWOT stands for Strengths, Weaknesses, Opportunity’s & Threats and is related to both the business and individuals. The point of S.W.O.T is to identify a competitive advantage,

SWOT Analysis = SWOT Matrix

Internal = Strength (S) and Weaknesses (W) 

External = Opportunities (O) and Threats (T)

Matrix has 4 Strategy’s

S & O: internal strengths to take advantage of external opportunities

W & O: improving on the company’s Weakness by making use of the opportunities

S & T: strength to minimise the weaknesses (weakness is a threat)

W & T: elimination of weaknesses to combat the threat

SWOT Matrix Objective: identify strategies where you can build on your strengths, eliminate your weaknesses while making the most opportunities and countering threats. 

Seek Advice and Support 

A good Accountant and Equipment Finance Broker can help keep you on track and avoid costly mistakes.

Choose an Accountant or BAS agent who are registered with the tax practitioner board or reputable finance broker or bookkeeper. Keep your Accountant up to date with your business so they can provide accurate advice.

Talk to your Accountant if you are unsure about anything or considering a new company structure.

 Check Your Business Structure 

Complex business structures can overcomplicate tax obligation, talk to your Accountant to confirm your company structure suits your business needs.

Keep Good Records:   Keeping good records are crucial with reporting to the ATO. Make sure your accounting program or Accountant are checking that your record keeping process is meeting industry requirements.

Make sure you conduct regular reconciliation processes by cross-checking figures with your bank statements and source documents.

Point of sale software, accounting systems and mobile apps will help you report accurately.

Get Your Income and Expenses Right  

Confirm your report is accurate. Report all your business income, even if it has been paid in cash, or into a private account. The ATO use data matching and benchmarking to help them identify hidden activities.

The figures you report need to be exact, so keep up to date records from the start and don’t try and ‘guestimate’ after the event.

Make sure you have evidence to support your business claims.

Involve All The Team

Involving the entire team in business planning is crucial for several reasons.

Firstly, it fosters a sense of ownership and commitment among team members, as they feel their contributions are valued. This inclusivity can lead to more innovative and diverse ideas, as different perspectives are considered.

Additionally, team members who are involved in the planning process are more likely to understand and align with the business goals, leading to more effective implementation of plans.

It also enhances communication and collaboration within the team, reducing misunderstandings and conflicts.

Ultimately, inclusive planning contributes to a more cohesive, motivated, and productive team, driving the business towards success.

We hope these 6 tips for business owners helps you keep on track with your planning and accounting.

Chevron Finance proudly supports those across Brisbane, Melbourne, Sydney, Perth and wider Australia with reliable machinery finance solutions, founded on flexibility and transparency. With over 20 years of experience in the field, we are backed by the expertise and insights that allow us to provide best-in-class, tailored solutions to our valuable clients. Chevron Equipment Finance was established to provide a more personalised service to meet the needs of growing small and medium businesses that have been under-serviced by their bankers for years. We pride ourselves in acting with a sense of urgency in everything we do and our can do culture ensures service and results we can be proud of. https://chevronfinance.com/

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