New Year, Time to Review your Business

As we’re safely into 2024 and in a traditionally slower month, now is the perfect time to review your business. As experienced business advisers, we know the value of taking the time to ask yourself some questions about your business, and what you’d like to do differently this year. It’s the perfect time to pose a few questions and gauge where you’re at with your planning, strategy, financial goals, and business goals. We can hold both you and the business to account.

Here's the top 7 questions you need to be asking yourself as a business owner:

1. Why does a customer choose your brand over another?

It’s important to know what makes your product/service valuable to your customers so that you can market what you offer effectively. Why does your brand stand out, what do you do well, what do you need to work on, and do any opportunities or threats exist? Who is your ideal customer? Who are you selling to, what problem or issue are you solving for them, and how can you better target them? We can work with you to help you pinpoint the best customers to target.

2. Are your employees/contractors happy?

Your staff are a vital asset to your business, but if they’re unsatisfied or have disengaged, then that’s a risk to your business. How do you show your staff that they’re valuable and important? Are you paying at or above market wage? What benefits do you offer your staff? What makes working for you better than working for a competitor? What can you do to make your business and workplace more attractive to potential employees? We can help you review this and the benefits you’re offering your staff.

3. Are your cash flow goals right?

How is your cash flow and are you meeting your cash flow goals. Do you have any specific costs or inefficiencies that are preventing you from achieving a positive cash flow position? Are the financial management processes you have in place working for you or against you? Do a review to identify where you’re lacking and where you can tighten your cash process.

We can review your cash management and look for efficiencies and cost-saving opportunities.

4. Are there aspects of your business that keep you awake at night?

It can be stressful being the boss and there’s likely to be a lot playing on your mind. What areas of your business are concerning you? What business issues or unexpected pitfalls are a cause for concern? What can you do to help smooth these out? We can offer advice from our decades of experience, so whatever the issue, we can work together so you can get a better night’s sleep.

5. Have you implemented tech and AI?

How digital is your business? Technology moves fast, with AI solutions and digital systems now an integral part of many business models it can be tricky to keep up with the latest innovations. So, what tasks can you automate or streamline? There are a lot of apps, software tools, and digital solutions out there. A lot of them integrate with one another, so if there’s a pain point in your business, we can suggest apps, software tools, and digital solutions to boost your business.

6. Have you thought about where your business will be in five years?

Not all businesses are focused on growth, but outlining your key goals around growth is an essential part of your business strategy. When the business is busy, the temptation is to focus on the most pressing fires, but without a forward-looking focus, you’re unlikely to meet your business’ goals. Ask yourself where you want to be in five years, and how you plan to get there. We'll help you create a detailed five-year plan so that you’re getting what you want out of the business.

7. Do you have the figures you need at your fingertips?

Your data drives your business, so do you have key financial information easily accessible? Think about where you need detailed data and metrics, and how this could put you in better control of the business and upcoming decisions. We can help you expand your reporting and management information so that you have a better eye on performance, spending, cash flow, and targets.

Talk to us about running a health check for your business

If these questions have started you thinking about your business efficiency and growth plans, that’s a good thing. If you’d like to take this process further, book a meeting with us to talk through your goals, aspirations, challenges, and strategy, so we can help you take the next step in your journey to entrepreneurial success.

< Older Post

Newer Post >

Payroll Doesn’t Have to Be a Headache: How to Simplify & Stay Compliant

1 October 2025

Managing payroll can sometimes feel like navigating a maze; complex regulations, tight deadlines, and countless calculations can easily overwhelm business owners. However, with the right strategies and tools, payroll can be streamlined into a smooth and efficient process. Here’s how you can simplify your payroll process while ensuring full compliance. Embrace Technology Choose the Right Payroll Software Investing in good payroll software is one of the best steps you can take. Look for features that automate calculations, tax submissions, and generate detailed reports. Many software options now offer cloud-based solutions, providing the flexibility to manage payroll anytime and anywhere. Stay Informed on Compliance Know the Laws It’s crucial to stay updated on federal, state, and local labor laws, as these often change. Non-compliance can lead to penalties, so consider subscribing to industry newsletters or updates from trusted legal resources. Record Keeping Maintain meticulous records of employee hours, wages, and payroll taxes. Proper documentation safeguards you from legal troubles and helps resolve any discrepancies promptly. Set a Consistent Payroll Schedule Consistency is key in payroll processing. Choose a payroll frequency that suits your business - whether it’s weekly, bi-weekly, or monthly - and stick to it. This creates predictability for both you and your employees, allowing better financial planning and cash flow management. Automate Tax Calculations Manual tax calculations are prone to errors. Automating tax withholdings through your payroll software ensures accuracy and compliance with the latest tax rates and contributions. This reduces the likelihood of costly mistakes and late penalties. Regularly Audit Your Payroll Process Conduct internal audits periodically to identify errors and inefficiencies in your payroll process. This proactive approach helps catch and remedy issues before they escalate, ensuring your business remains compliant and efficient. Consider Outsourcing If payroll complexities feel overwhelming, consider outsourcing. This allows you to focus on your core business activities while ensuring that payroll is handled by experts who stay abreast of ever-changing regulations and compliance requirements. If payroll continues to be a challenge, our team of experienced accountants is here to help. We offer comprehensive payroll solutions tailored to fit the needs of small and medium businesses, ensuring compliance and efficiency at every step. Contact us today to learn more about how we can support your payroll processing needs.

Becoming an employer of choice

24 September 2025

How to attract great people to your business and how to keep them. Three tips to help you rise to the challenge to become an employer of choice.

What the IRD Expects from You as an Employer

17 September 2025

As an employer, there are several obligations and expectations set by the Inland Revenue Department (IRD) that you must adhere to. Understanding these requirements is essential for maintaining compliance and avoiding any potential penalties. Let's take a closer look at what the IRD expects from you as an employer. Register as an Employer Before you hire your first employee, you are required to register as an employer with the IRD. This is a crucial first step in ensuring that you can meet all tax and payroll obligations. Accurate Record Keeping The IRD requires you to keep accurate and detailed records of all employment-related transactions. This includes: Employee personal details Wages and salary paid Payroll dates and methods PAYE deductions and remittances Details of benefits or allowances provided to employees Maintaining proper records helps ensure that you are reporting and remitting the correct amounts to the IRD. Deduct PAYE Tax You are responsible for deducting PAYE (Pay As You Earn) tax from your employees' pay. This involves calculating the correct amount of PAYE and ensuring it is deducted from each employee's salary or wages before their net pay is provided. Pay Employer Contributions In addition to PAYE, you may also be responsible for contributing to your employees' social security and retirement benefits, depending on the country you operate in. These contributions are typically paid in conjunction with PAYE tax. Issue Statements and Forms At the end of the tax year or upon employment termination, you should provide each employee with a statement showing their total earnings and PAYE deductions. Additionally, filing the appropriate end-of-year PAYE schedules with the IRD is required. File Employer Returns Employers are required to file regular returns with the IRD, which could be monthly, quarterly, or annually, depending on specific regulations. These returns should accurately report all payroll activities, including PAYE deductions. Handle Tax Codes and Changes It's crucial to apply the correct tax codes for each employee's circumstances. Any changes in employment status or tax code must be updated promptly to ensure accurate tax withholdings. Comply with Audit Requests The IRD may audit your business to ensure compliance with employer obligations. As such, being prepared to provide all requested information and records in a timely manner is vital. Adhering to these expectations from the IRD is not just about compliance; it's about fostering a transparent and trustworthy relationship with your employees and the tax authorities. If you need assistance with understanding or managing your obligations as an employer, consider reaching out to a professional accountant. Our team is here to help you navigate these responsibilities seamlessly, ensuring peace of mind and allowing you to focus on growing your business. Feel free to contact us for further information or assistance.