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Planning for the new year

2020 Accounting
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The end of year period is a busy time for everyone, not just at work but preparing for the holidays and the New Year.
We are all hoping 2021 will be a better year for businesses and taking some time for business planning can get you prepared for 2021.

If business owners have learnt anything throughout 2020, it’s that major changes can occur without warning and that being well prepared is a crucial part of enduring the challenges brought on by those sudden changes.

Here are a few areas you can work on in your plan:

Work on your marketing plan:

Having marketing goals is essential for promoting your business, but knowing the best way to achieve these goals is what makes a successful plan. Due to the pandemic consumers may be more cautious about spending money so the way you engage with customers and rebuilding their confidence is important.

To help, take a look at your marketing throughout the year and assess what worked and what didn’t and create a strategy and plan for the year around key times of the business. Review all of your email marketing, website and social media analytics in more detail to help you see what is working effectively. Then start planning out some content for the year based on your marketing goals.

Mid-year tax planning:

It may be the end of the calendar year, but it is right in the middle of the financial year. While large changes to tax plans are best done at the end of June, now is a good time to check on your finances and see if there are any urgent changes you need to make. Consider setting up a meeting with your adviser to discuss your business’s cash flow and ways you could be reducing your tax liability or strategies .

Contingency planning:

In 2020 businesses had to react to situations they were unprepared for, which highlighted the need for contingency planning. Identify the risks for your business and come up with some plans and strategies on what you can do if the situation changes. This will help you feel more confident to adapt and minimise the risk when you have a plan in place to fall back on.

COVID safety plan:

Businesses need to have a COVID safety plan and policies in place, both for employees and for customers. This instills a sense of safety among people who interact with your business and protects your employees.

Enjoy the end of the year and plan for a positive, safe and productive 2021! 

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Specialist accounting and business advice, knowledge and experience for businesses and professionals.


Level 5, 12 Stewart Avenue, Newcastle West NSW 2302


Level 10, 20 Martin Place, Sydney NSW 2000

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