‘New Year, New Me’ is something you hear a lot during December. As we over-indulge on festive food, drinks at the office Christmas party, treats with friends and family and maybe spend a little longer than usual down the pub, it’s no surprise that many of us vow to make a change as soon as January hits.
New Year’s resolutions are notoriously hard to keep, but if realistic goals are set, you could find that making changes both in your personal and professional life are much easier to do than you might think.
As a business owner, a new year is filled with new opportunities, whether that be the chance to take on new clients, learn new skills or expand on the foundations you built in 2022.
It’s the perfect time to reflect on the year you’ve just had, plan activities and set goals that you’d like to achieve. Taking a step back and assessing your profits, growth and partnerships are a great foundation for a prosperous year to come.
No matter what industry you work within, there are always things that you can change or develop to ensure you have a prosperous 2023.
Read on to see what you should be doing, ready to hit the ground running this January.
Review 2022’s past and make changes to what didn’t work.
Resolving any issues that have arisen throughout the years is crucial in ensuring you don’t have any issues hindering your business’s growth in 2023. Fixing any issues with your process and making sure everything runs as smoothly as it can is something you should consider as a top priority when you begin the new year.
Encourage your staff to recognize factors that could cause problems in their daily tasks. Finding out from people who work day in, day out, on the problems which needs to be addressed can give you a greater insight into how you can bring about a positive change.
Improved control on company’s finances
Financial management is crucial in predicting how your business will perform. With your accountant, review your incomings as well as expenditures, and ensure that your books are in order. The process of tracking your cashflow to ensure that expenses are paid for and your goals are attainable will ensure a profitable new year.
When you have a plan set up, you are able to modify it monthly to ensure your company is thriving, even under difficult times.
Make use of FreeAgent to keep track of your receipts and expenses
We are accountants for contractors, Limited Companies and collaborate and we use FreeAgent to ensure that, during tax time you don’t have to rummage through drawers filled with invoices and receipts in order to prepare your self-assessment tax return that you submit to HMRC.
Making Tax Digital has been popular with so many simply because of this. It removes the risk of confusion, which results in less stress and fewer mistakes which can lead to larger problems.
FreeAgent bookkeeping software comes as standard when you are a client of Account-Ease. It will help you, as well as your accountant, keep track of everything you need concerning your financials. Many small-scale entrepreneurs, contractors,zzzz sole traders, and locums benefit from it, as it offers immediate access, which helps both you and your accountant make educated decisions while on the move because it is able to be accessed from any location, at any time.
FreeAgent can be used to keep your receipts expenses, invoices and transactions easily accessible and organized making self-assessment or filing your corporate tax is simple.
Check the technology you are using within your business.
Alongside FreeAgent There are many other software for business that can assist in boosting your company’s performance. They can help your employees in terms of productivity, or assist staff to save time by making certain tasks automated instead of being done manually by your employees or you.
The identification of areas that could be improved can assist you in deciding whether a particular software is required, and if it is economically feasible to invest in it.
Schedule regular meetings with partners, including your accountant
If your accounting professional understands your business and its needs more knowledgeable they’ll be able to assist you in the area of your financials. Making good connections with partners and suppliers all around is vital to the success of your business. They can assist in the development of concepts and help you navigate the right paths. Make sure to communicate frequently, whether on the phone or using Zoom even if you aren’t able to meet face-to-face is vital.
Your accountant can assist you to get a handle on any aspect of your financials that are difficult to comprehend as well as provide advice and valuable information in times of need. This will help your business’s to grow and sustain itself.
Accept, and sign more contracts
Growing your portfolio through 2023 may be another option it is time to take either as an individual contractor or as an individual company. A new venture means that you will have several sources of income. This gives an extra level of protection in the event that a client decides to leave you. It allows you to increase your portfolio. Make sure you have the money to keep your commitments!
However, how do you approach getting new customers, particularly when your industry is flooded with competition. This leads us to the next step…
Be sure to have a solid brand and have a solid online presence
It’s a lot much more complicated than it sounds particularly if your experience is limited in this field. It is becoming more essential to have a presence online that your customers and potential clients can connect with you.
If you don’t have web presence, it may be time to consider investing in. Making sure that you’re prominent on the social networks is increasing important than ever before.
If you are looking to acquire new clients, consider investing in online marketing assistance for those who really want to be more prominent online. They can guide you on the best steps to take for your business to focus on organic search, and improving your SEO by creating PPC advertisements on Google or investing in social media marketing.
Make sure you are trained both your staff and yourself
If you’re a person who is self-employed, you may seem like there aren’t enough hours throughout the day to accomplish all the tasks you have to complete in the workplace and at home. But, it’s so vital to put the time and money into your own development both professionally and personally.
If you’ve been working in the field for many years, you’re aware of the specifics of your expertise and can often seem a bit stagnant. It is always beneficial to stay up to date with new laws as well as learn new skills to provide new services. This means that you may be able to offer more services than you’ve ever charged before. In addition it gives you greater satisfaction at work and makes you appreciate working more 2023.
If you do not have one, you should get an account for business
In the case of a limited-company an additional business account is mandatory. This is totally separate from accounts held by shareholders or directors and is where all your incomings and outgoings come from. This includes receiving payments from clients, distributing salary and tax, as well as paying National Insurance.
Separating personal and business finances is vital to the success of your business and also helps protect you in the event of an emergency.
Customers are able to apply for an account and then connect it to FreeAgent which is already used by Account-Ease.
Enhance your work-life balance
Being self-employed can mean you are working longer hours than your typical 9-5. Particularly when you’re creating the foundations of your company It can be difficult to distinguish between work and personal life. But, it’s much more difficult to manage your own business when you’re pouring out of a empty cup.
Burnout is a problem that a majority of business owners struggle with. It is important to set aside time in your schedule to exercise, eat healthy and socialise, as well as sleep, can help lower stress and anxiety levels and boost your productivity while working.
Help others when you can.
It goes without saying that many people, both personally and in business, are struggling up and down the country. With a recession in full force, rising energy and food costs and an all time high in interest rates, people can’t afford to support small local charities and non for profit organisations like they have done previously.
If you’re in a position to give back to the community, you can make a big difference. Why not look into sponsoring a charity, organise an event, make a donation or provide a discounted service to help them out?
A New Year and New Opportunities
As the new year begins there are many possibilities in terms of what you can do as a self-employed contractor or owner of a business. It is crucial to have a plan and the people around you whom can assist you in making most appropriate decisions, is essential.
We at Account-Ease, we pride in providing a personalized professional and knowledgeable service. we’re eager to assist you through a successful 2023.
If you don’t already use Account-Ease for your accounting, now is the perfect time to switch. We guarantee you won’t regret it. Switching is so easy – fill in our online form here, or learn more about switching to Account-Ease by visiting our website.
