7 ways to prepare your business for 2019

People having a business meeting preparing for the next project

As a business owner, you are probably hoping for a prosperous new financial year. Start as you mean to go on with these 7 ways to prepare your business for 2019.

1. Set your business goals
January is the perfect time to review and set your business goals for the New Year. Whether you want to capitalise on the growth you saw last year or increase market share in a specific industry, identifying clear business goals can help you stay focused for 2019.

2. Map out your financial forecast
At the heart of every good business are the finances. Use this time to create a forecast for 2019 that is aligned with your business goals and strategy to ensure that this year will be a prosperous one.

3. Review payment terms
Has your business suffered from a lot of late payments in the last year or are your payment terms too generous? Review what you currently have in place to identify if it still fits the business model you are operating. New Year is a good time to remind clients of your current terms for 2019.

4. Protect your business against cybercrime
Review your current IT provisions and what processes you have in place to deal with potential cybercrime. It’s not just about the technology you have in place but also about daily practices that all employees should adhere to. For example, is everyone locking their PC’s when they leave their desk? Do staff know what to look for to identify a suspicious email?

5. Start preparing for the new tax year
You may think you have plenty of time to prepare for the end of the tax year. However, it will soon come around. Instead of being part of the mad March rush, start collating the information you need now. Work with a financial professional to identify what tax incentives you may still have time to take advantage off. MRA are tax specialists, contact us to find out how we can help your business.

6. Review your data management processes
With the introduction of GDPR, a lot of companies had to amend their data management processes to be compliant with the new regulations. Now is an excellent time to review the systems you have in place to ensure that you are maintaining that good practice. You can get more information about GDPR on the Information Commissioners Office website.

7. Protect your business
What would happen if you died unexpectedly, would the company continue to trade? Would the bank recall your business loan? What would happen to your shares?

Your business could potentially be in financial jeopardy if you don’t consider how to protect it financially. There are various options available from key person to shareholder protection. Contact us to discuss how your company can continue to thrive when faced with unexpected challenges. Together, we can help you put the right protection in place, ensuring that you’re prepared no matter what the future holds.

Further information
If you found this information useful you may also want to check out the following:

MRA help individuals, businesses and families achieve the best quality of life they can with the resources they have. MRA specialise in corporate solutions, cash-flow analysis, taxation, debt management, savings and investments, lifestyle planning and much more.

Business Consultants based in East Sussex we service clients across the South East, Sussex and Kent, including smaller towns such as Ashford, Battle, Bexhill, Bodiam, Brighton & Hove, Cranbrook, Crowborough, Eastbourne, Hailsham, Hastings, Heathfield, Herstmonceux, Lewes, Mayfield, Newhaven, Rye, Seaford, Sevenoaks, Tenterden, Tonbridge and Tunbridge Wells.