As we move into the new financial year, it’s a good time to reflect on how your business has fared over the past 12 months. Did you achieve what you wanted to over the past year? Were your employees happy and productive? Did you connect with new customers? Were your operations streamlined?
If there’s room for improvement – great! The new financial year presents a fantastic opportunity to take charge of your business and make the most of the year ahead. Here are five resolutions to add to your list.
1. Get your finances in order.
Now that EOFY is behind us, check in on the financial health of your business and make sure you’ve got your financials sorted for the coming months. Depending on your business this could include:
- Profit and loss statement – a summary of your revenues, costs and expenses
- Balance sheet – an overview of your assets and liabilities
- Cash flow statement – how much money is coming in and going out of your business
- A budget for the upcoming year
- Gathering important tax documents such as expense receipts for deductions.
To help with your budget for the new financial year, we’ve created a budget planner template to get you started. Download your free template here.
2. Cut down on business expenses.
In a challenging economy where every dollar counts, even the smallest decrease in business expenses can have a meaningful impact on profitability. Fortunately, there are some straightforward steps you can take to cut costs and save money in the new financial year.
- Consolidate purchasing from fewer suppliers to get better discounts, or look for alternative suppliers who can offer a better deal.
- Look for cheaper providers of utilities, insurance and other essential services.
- Cut expenses you don’t need any more, such as subscriptions.
- Look at ways to make your business processes more cost-efficient.
- Sell off unused equipment or stock to boost cash flow.
- Consider ways you can use technology to automate tasks and save time and money, such as:
- Payment processing and invoicing
- Customer relationship management (CRM)
- Inventory management
- Customer appointment bookings
- Customer service e.g. through chatbots
3. Nail your customer service strategy.
Today’s customers don’t just buy products or services – their purchasing decisions revolve around the experience they have when they interact with a business. And keeping customers satisfied can help build trust and credibility in your brand: more than three quarters of customers are likely to recommend a business to a friend if they have a positive experience.
For the year ahead, think about how you can improve your customer service strategy to provide a better experience at every touch point. Consider:
- Where there might be ‘gaps’ in your online or offline customer service strategy and how you can bridge these gaps.
- How you can make it easier for customers to contact you or find out more about your business.
- Where potential customers are dropping off, and how you can tweak your approach to convert people from consideration to purchase.
4. Support your employees.
Many studies have shown that boosting employee satisfaction and engagement can positively contribute to a business’ profitability and overall success. This year, ask yourself, “What can I be doing to better support my employees?”
Consider these strategies:
- Get feedback: Ask your employees how they feel about their work and their role in your business. Once you’ve gathered feedback, make a plan to address any concerns and communicate changes you’re making to provide a better employee experience.
- Incorporate incentives: Financial incentives like bonuses are effective, but if you don’t have room to spend a lot of money, consider implementing a reward system to recognise a job well done, or taking your team out to lunch once a week to say thanks for their hard work.
- Provide learning and development opportunities: Employees tend to be happiest when they feel they have room to grow. Look at providing training and up-skilling opportunities to help your employees excel.
5. Boost your digital marketing efforts.
With more people than ever going online to find information, be entertained and make purchases, your digital marketing efforts this year will be crucial to getting your business in front of customers.
Here are just a few stats to back up the value of investing in digital marketing:
- 60% of marketers say that digital marketing tactics such as SEO, social media, content marketing and display ads are their highest quality source of leads.1
- Businesses earn an average of $2 in revenue for every $1 they spend on Google Ads.2
- The average return on investment (ROI) for email marketing is 122%.3
To get started planning a digital marketing strategy, download our free eBook with tips on staying connected with customers and keeping your digital marketing ticking over through COVID-19 and beyond.
And if you need help with your digital marketing efforts along the way, Yellow offers a full suite of products and services to help you get found online.