As we step into 2025, it’s the perfect time to set financial resolutions that will position your business for growth and success. Whether you’re running a small business, managing a farm, or working in a specialised industry like content creation or NDIS services, taking control of your finances is crucial.
Here are five actionable financial resolutions to help you start the year strong, with insights into how a trusted business accountant like Schofields Accountants can make all the difference.
Resolution 1. Improve Your Cash Flow Management
Cash flow is the lifeblood of any business, yet it’s an area where many small business owners struggle. Late payments, seasonal fluctuations, and unplanned expenses can all wreak havoc on your ability to meet obligations and reinvest in growth.
To improve cash flow, start by creating a detailed cash flow forecast for the year. This will help you anticipate shortfalls and plan ahead. Streamline payment processes to encourage quicker client payments, and consider negotiating better payment terms with suppliers.
At Schofields Accountants, we help businesses develop robust cash flow management strategies tailored to their unique needs. By monitoring your cash flow in real-time and identifying areas for improvement, we can ensure your business stays financially healthy throughout the year.
2. Create a Realistic Budget (and Stick to It)
A well-thought-out budget is the foundation of good financial management. It helps you allocate resources effectively and avoid overspending. However, creating a budget isn’t just about listing expenses—it’s about understanding your business’s financial performance and setting realistic goals.
Start by analysing your financial data from the past year to identify trends and areas of improvement. Break your budget into categories like operational costs, marketing, and salaries. Don’t forget to include a contingency fund for unexpected expenses.
For example, farmers may need to budget for equipment upgrades or seasonal investments, while content creators might plan for marketing campaigns or software subscriptions. A budget tailored to your industry’s unique needs can make all the difference.
Schofields Accountants can assist with creating and monitoring budgets that align with your goals. Our business advisory services ensure you have the tools and insights needed to stay on track.
3. Optimise Your Tax Strategy
Tax planning is a year-round activity, not something to scramble through at the end of June. A strong tax strategy can help you reduce liabilities, maximise deductions, and ensure compliance with Australian Taxation Office (ATO) regulations.
For instance, small businesses may be eligible for the instant asset write-off, allowing you to claim deductions on new equipment purchases. Farmers can benefit from specific concessions on land sales or improvements, while other businesses can explore small business CGT exemptions or offsets.
By working with a business accountant, you can identify opportunities to improve your tax position. Schofields Accountants specialises in strategic tax planning, ensuring you take advantage of every deduction and exemption available to you, while avoiding compliance issues that could lead to penalties.
4. Identify and Cut Unnecessary Expenses
It’s easy for wasteful spending to creep into your business over time. Regularly reviewing your expenses is essential to identify what’s truly adding value and what can be cut.
Audit your subscriptions and recurring costs—are you still using all the tools or services you’re paying for? Renegotiate contracts with suppliers to secure better terms. Consider automating repetitive administrative tasks to save time and reduce labour costs.
Schofields Accountants can help you analyse your expenses, identifying areas where you can cut costs without sacrificing quality. With our guidance, you can free up resources to reinvest in growth or other strategic priorities.
5. Set Clear Financial Goals for the Year
Every successful business needs clear, measurable goals. Financial goals not only give you direction but also motivate you to stay focused on what matters most.
Set goals that align with your broader business objectives. For example:
- Increase revenue by 20% by the end of the year.
- Save 10% of profits for reinvestment into equipment or marketing.
- Reduce operating costs by 5% by streamlining processes.
At Schofields Accountants, we help businesses set and achieve realistic financial goals. Through our business advisory services, we provide actionable insights and strategies to help you monitor progress and adjust as needed.
Why Choose Schofields Accountants?
At Schofields Accountants, we understand the challenges small businesses face when it comes to managing finances. Whether you’re improving cash flow, optimising your tax strategy, or cutting unnecessary expenses, our personalised services ensure you have the expertise and support you need to make 2025 a success.
With extensive experience working with diverse industries, including NDIS providers, agribusiness, and content creators, we tailor our services to meet your unique requirements. From cash flow forecasting to tax planning and beyond, we’re here to help you every step of the way.
Start 2025 Strong
Take control of your business finances this year by adopting these five financial resolutions. For expert advice and support, contact Schofields Accountants today. Let’s work together to ensure your business thrives in 2025 and beyond.
