Newsletter
December 2020 Newsletter
Small Business Checklist: 2021
With the brief recession behind us, small businesses are expected to regain their rhythm as they step into a new year. Whether you have an established business, a brand-new start up, or you are investing more time into your side hustle, this checklist applies to all. To equip you with the greatest chance of business success next year, here are some key items to keep you on the path to prosperity.
A Business Plan
Whether you are an already established business with a new focus, or a start-up, your business plan comes first. A business plan is a detailed document which outlines the who, what, when, where and why of your business. It should cover everything from your business goals, structure of your company, team members and their roles and anything that forms the core basis of your business and its road to success. You can have your plan professionally written by a small business expert, or you can try a business plan template (there are plenty of free templates online) – either way, this will provide you and your employees with a consistent document to refer to and keep you on track.
Money Management
If you’ve been slacking off with your accounting, make 2021 the year you get on top of your finances. By engaging the help of a professional small business accountant, you can save yourself time and stress when it comes to taxes, payroll, incomings and outgoings. Most importantly, an accountant can help you understand where you may be losing money as well as identifying your biggest earners. This will help you forge ahead with a strong focus on what makes your business profitable.
A Marketing Strategy
If you want to compete within your market, there are several ways to step up your marketing game. A succinct marketing plan will be multi-pronged with elements that complement each other. These may include social media marketing, social media advertising, AdWords campaigns, SEO marketing, or even establishing a digital persona for your brand if you are yet to get online. Whether you opt in for one or all of these items, look for a marketing company that specialises in small business. They will provide you with strategic marketing solutions with realistic budgets for your small business.
Customer Care
Last year we saw that customer loyalty will see small businesses through hard times. However, with a low-confidence economy, many consumers will shop around for the best price or potentially cut outgoings. This can dramatically affect some small business sectors including hospitality, trade, fitness and services. Stay connected with your customers via e-newsletters (part of your marketing strategy!) and personally check in where you can. Take care of your customers and reassure them you are open for business and ready to support them in any way you can.
If you would like some assistance with accounting for your small business in 2021, M.A.S Partners specialise in supporting small businesses specifically. We are ready to assist you in reaching your goals and growing your business.