Financially Responsible Marketing

Business Tips for the New Year

Posted by on Jan 5, 2012

Happy New Year and welcome to 2012!!  As we enter into the New Year, one of the first  items of business is to review the financials of the past year, and prepare for the new fiscal ahead.

Here are some tips that every business owner should keep in mind while preparing for the New Year

Get Organized

  • Disorganization costs money in overdraft fees, late fees and credit interest – not to mention the risk of tarnishing your financial reputation.  Put systems in place which track the monies owed to you, as well as any bills or outgoing expenditures.  You should always have a clear picture of what is going in and out of your corporate bank account.

Ask for Help

  • Taxes can be convoluted – it may be best to hire an accountant to make sure your taxes are filed correctly and to ensure you are claiming all of the deductions you are entitled to.  Your time may be better spent running your business, not your tax portfolio.

Don’t Undervalue your Product or Service

  • Your product or service is meeting a need in the market – ensure your prices reflect it.  Now is a good time to conduct some market research to see what your customers are willing to pay for the services you provide, and ensure that your price point is aligned to the industry standard

Ignoring Investments that Boost Productivity

  • It may be a new piece of equipment, a new hire, or a new system that will take an investment of time and money to implement.  If you know you can increase the overall productivity of your business, you shouldn’t ignore the opportunity to do so.  There are smart investments that can help your business become more lean and profit-producing.

Don’t Assume you are Getting the Best Value

  • For any business purchase, shop around and compare products or services. Just because it was the best deal when you signed up for your internet provider or CRM distributor, doesn’t mean that it still is.  When contracts are coming up for renewal, take the opportunity to compare providers and ensure your getting the best deal you can

Negotiate

  • Just as you are likely to offer a deal to your best customers, so will your suppliers.  If you discover you are paying too much for a service or product:  negotiate!  Come to your partners with offers from their competitors – they will most likely match the offer, and you’ll save the additional cost and the hassle of changing providers

Are you set to get your business off and running on the right foot for 2012?