Plan ahead to succeed this New Financial Year. These tips will bolster your business while ticking off great service and organisation along the way.
Fuss-free technology to simplify
Look at what technology you can take up to cut time and steps in your business. If you’re on the road a lot, then Square is a tap-and-go credit card reader that you can take anywhere, saving you time chasing invoices later. It’s a little square device that works off an app, and customers simply hold their cards against it to trigger payment. It you are a retailer and sell at events, Square will save your customers finding an ATM to withdraw cash. Find more apps to save time and space like Xero, which lets you invoice clients on the go.
Read what 5 apps every business owner should have.
The recent global cyber-attack which hit 200,000 people in at least 150 countries, including Australia, is a reminder to ‘cyber secure’ your business as much as you can. The impact of ransomware on the Australian economy at the moment is conservatively estimated at $1 billion, so it’s worth strapping down the right security in place. Update your anti-virus software and develop a backup plan for your critical data too, including daily, weekly and monthly backups, and test if you can recover from backup data. Cyber insurance also covers liabilities stemming from a cyber-attack.
Good money habits
It’s rudimental, but according to Money Mag, if you’re 40 and save $50 per week, you’ll have just over $112,000 by the time you are 60. It’s not ground-breaking, just compound interest. ASIC's MoneySmart website has a TrackMySPEND app to track your spending – lock down good habits early in the new financial year to really set you up.
Knowing when to spend
Whether it’s real estate (available through Bartercard), shares or upskilling, investing in the right areas can grow your wealth and competitive edge. The value of investing in yourself can’t be downplayed and can launch you ahead of competitors - so rally your spare cash (or not, if you have Bartercard!) to expand your thinking. Bartercard offers many courses and coaches on trade to take you to the next level – contact your TCO.
Fuss-free technology to simplify your business
It pays to start preparing early – put a system in place to organise your tax records now. Tired of paper receipts? No problem! A myriad of apps exist in the marketplace that let you photograph and save receipts like Xero, so you can capture expenses wherever you are and not worry about paper again.