The new tax year is approaching, which means that it’s the perfect time to start looking at how you can improve your business processes to increase your efficiency in the year ahead. But when is the best time to make a change, and what kind of changes should you consider making?
The start of the new tax year is when many businesses start spring cleaning their accounts in order to make things easier for the coming year. But it’s also the perfect time to overhaul of your accounting processes, so that you can make managing your financial data even more efficient. If you’re a small business currently using spreadsheets to manage your accounts, the new tax year represents the best opportunity to switch to an online accounting system (like FreeAgent!) that could save you valuable time and make filing your tax returns much easier in the future.
The post-winter months are when people start to think about spring cleaning their homes and doing all of the little, niggly jobs around the house that they’ve been putting off. But it’s just as important to give your business a good clean too. Reviewing your customer communications, digging into your analytics data to check your web traffic sources and overhauling your marketing strategy are steps that could help you improve your profitability - while even just tidying your office could help you boost your productivity.
Many businesses face a traditional slow-down during the summer, as their customers, clients and staff go away on holiday. So why not use those slower months to get some strategic planning done so you’re ready for when things pick back up again in autumn? Check your company’s - and employees’ - performance so you know where to focus your efforts in the future, and revisit your goals so your business is ready to go 'back to school' after the holidays. Research shows that August is the best month to make long-lasting changes, so try to set your new goals before the summer ends.
Do you run a seasonal business? Then you may want to consider using that downtime to review whether you need to hire more staff to help maximise your profits during your boom period. For a Christmas-themed business, that may involve recruiting early (in September-October) in order to pick the best candidates and be fully prepared for the festive season - but if you experience your annual slowdown during the winter, you may find that December is the most powerful recruitment month.
What’s the best time of year that you’ve made changes to your business? Hit us up on Twitter or leave a comment to let us know.
Have a great weekend!