All businesses are allergic to inefficiency and undirected energy. Is yours starting to sneeze at the software dust bunnies? Is resource drain running it down? It may be time for a business refresh.
Here are our four spring cleaning hacks to get you started:
Dust Your Xero Account
When was the last time you did a good tidy-up of your Xero data? It's worth taking the time to review the old invoices, bills and credit notes that are clogging up your system. Another good way to declutter is by simplifying your Chart of Accounts and Contacts lists to minimise your search times. By removing those Chart of Accounts codes that are no longer being used and consolidating duplicate Contact entries, you can improve reconciliation coding consistency and data integrity.
Upgrade or Replace Old Toys
Do you have a piece of old equipment or software that technically still works, so it feels wasteful to replace it? Make sure you crunch the numbers on whether it's costing you efficiency, either in time or money. It's easy to sometimes overlook long-term gains because of upfront expenses, but small businesses can benefit from tax deductions such as Instant Asset Write-offs that may enable you to invest in the improvements you've been putting off. You can speak to one of our advisors about your options if you're unsure.
Check Your Team Still Fits
Have you ever kept an old shirt, even though you hadn't worn it all year or it didn't fit anymore? You can sometimes outgrow your professional teams in the same way, and figuring out what should stay and what should go isn't as easy as asking if it sparks joy. Examine the professionals you rely on to help support your business such as your lawyer, banker, and accountant. Are they a specialist in your industry? Do you get individual advice and policies, or only packages that aren't suiting you? The right trusted advisor will be able to provide you with services that grow alongside you and your business.
Air Out Your Goals
Have your goals been growing stale sitting in the drawer or folder you first filed them in? It's easy to get lost in the day-to-day tasks of running your business and lose sight of the larger targets you're striving for. It's important to routinely take out that list and review it to ensure that your daily efforts are serving the broader financial goals you've set. If you're not achieving them, why not and what needs to change? If you are, what is contributing to the success, and can you implement more of it? This exercise can also help you recognise new areas for growth or revenue that you hadn't considered before.
Your business is your livelihood and likely your dream. Don't let some business hay fever block your sinuses or cash flow.
Are you looking for a review of your financial goals or seeking an industry specialist? Speak to one of our business enterprise advisors today about how we can help.
