Once your business is up and running, you want to keep it in shape. Here are some tips for managing cash flow, tax and risk, so you can spend less time caught up in the numbers.
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How to manage your business
Managing your business
Monitor your cash flow
Here are some tips for keeping in control:
- Forecast how much cash your business needs day to day
- Factor in seasonal impacts so you can cover your bills during quiet periods
- Build up an emergency fund for unexpected costs
- Take advantage of interest free days on your credit cards and make sure any loans suit your needs
- Consider opening a high interest savings account
- Make it easy for customers to pay you, and be clear about how and when payments should be made.
Managing risk
Some risks are too big to ignore and can put the brakes on your business if they occur. That's why it's important to have a risk management plan in place.
Here are some things to think about:
- Creating a business continuity plan to ensure your business can keep going without you (you know, in case you want to take a holiday or if something unexpected pops up)
- Developing a wide customer base, so you don't solely rely on one major customer who's needs might change and impact your business
- Monitoring your reputation on social media so you can minimise the damage of complaints and promote positive feedback
- Your vital stats - keeping up to date with your sales, profits and cash flow can help you keep track of your performance
- Making sure you comply with the red tape. Take a look at what might apply to your business.
Consider your network security
If you use a Virtual Private Network (VPN) for your corporate network, it’s a good idea to look into your cyber security and how it applies to everyone in your business. Learn more.
Stay on top of tax
Make sure you take care of the essentials so you're prepared for tax time.
Step 1
Take care of the basics
Register your business for tax and consider getting an accountant to start on the right track.
Step 2
Set up good habits
You might want to set up a separate account to collect GST or set up a direct feed with your accounting software.
Step 3
Keep your records
It’s generally a legal requirement to keep your records for five years. Find out what you need to keep.
Step 4
Claim what you can
Ensure you know the deductions and concessions you're entitled to.
Tips for getting noticed
Know your customers
Our marketing plan template (word) can help you understand who they are and how to reach them.
Make the most of happy customers
Encouraging them to follow your business social networks is an easy way to build a community.
Up-sell, up-sell, up-sell
Creating product bundles or offering discounted secondary products can boost sales.
Create a loyalty program
Everyone loves a reward - your customers are no exception.
Give back
Joint promotions with other small businesses, or sponsorsing community teams and events can increase your exposure.
Talk to your customers
Allow customers to sign up for a mailing list to keep them up to date with promotions and sales.
Keep your cash coming in
Make it easy for customers to pay you quickly with our payment solutions.
How can we help?
Speak with someone from the team today
Business Banking Specialists
Here’s how to get in touch
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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.