Dump the dead wood
Congratulations on having so many customers. Now dump them! Well, not all of them, obviously, but now is a good time to weed out the ones who are hindering your business. You know – the ones who always lose your invoice or pay late or want a whole lot more for a heck of a lot less. Sure, as a start up it will feel hard letting them go, but you need customers to help grow your business, not stifle it.
Suck up to your suppliers
So you’ve been using your suppliers for a while now – why not have a chat about how much you’re loving your relationship? While you’re at it, see if a bit of flattery can get you a better deal or a bit of a discount. If they’re not as loved-up as you are? Don’t be too quick to cut the ties but definitely check out what other suppliers can offer.
Keep an eye on cash flow
Of course this is something you should be doing regularly – but, hey, when your start up seems to be flying it’s easy to take your eye off the ball. So take a moment to assess your business bank account. How’s it been looking at the end of each month? Any nasty dips you hadn’t spotted? Got any ideas how to keep your cash flow ticking over better? See ‘Dump the Dead Wood’ for starters.
Don’t take it personally
You know it’s wise to separate your business and personal finances, don’t you? Only if you’re operating as a sole trader you might find yourself dipping into both now and then. It’s OK, you’re not the only ones – but if you want to get control over your expenses it’s a good idea to sort out a credit card or cheque book for your business bank account now.
Get excited about the future
New tax year, new goals and ambitions for your business. It’s an exciting time – just don’t get caught up in all the excitement without having a clear strategy on how you’re going to achieve world domination. Now is the perfect time to review your business and outline your SMART strategies. Of course, if you’re with Duport Accounting, we do all that future planning for you.
* We love a good financial spring clean. For accountancy help with your start up, call us on 0845 308 1454 or email us at firstname.lastname@example.org