Running a business is hard work. Hopefully you were able to enjoy a little summer break, and if you're reading this you're probably ready to jump into another year in business. So let's go through 8 business tips to start a new year on the front foot.
1. Understand and Stay Accountable to Your Business Strategy
A solid business strategy is your roadmap for success. It's not just about setting goals but making them actionable and measurable. Regular check-ins with a business advisor can help you stay on track. With something like our Monthly Meetings offering, you can implement growth strategies, find ways to attract and retain talent, secure grant funding, and more. Keeping accountable to these goals is crucial for sustainable growth.
Why Engage a Business Advisor Now?
The beginning of the year is an ideal time to set and review your business strategy. It's often a quieter period after the holiday rush, allowing you to focus on long-term planning and goal setting.
2. Start a New Year with No Debts
Clearing debts owed by customers, suppliers and creditors early reduces stress, keeps cash flowing and boosts credit, setting the stage for growth.
To get your business off to a debt-free start, you should:
- Ensure your business terms include dispute-handling procedures.
- Follow up debtors via email or phone to communicate due dates.
- Send a demand letter requesting payment.
- Work with a lawyer to resolve issues before considering going to court.
- Take legal action if needed and file a claim against the debtor.
Why Tackle Business Debtors Now?
The earlier you approach debtors, deal with any bad debts and improve your accounts receivable (AR), the more cash you’ll have to deploy back into your business.
Whether you need skilled bookkeepers and accountants to improve your AR processes , a disputes lawyer to resolve issues or a broker to explore debtor finance options, the BlueRock team can help.
3. Fund Business Growth and Manage Debt
Interest rates remain elevated, making debt management a priority. A business loan broker can help review your current debt position (often at no cost to you) and explore refinancing options to ensure you're getting the best deal. The goal is to fund your business operations and growth without the burden of unsustainable debt.
Why Engage a Finance Broker Now?
Reviewing your financials at the start of the year helps set a solid foundation for the months ahead. It ensures you're prepared to manage high-interest rates and can take advantage of refinancing options when they arise.
4. Manage Rising Insurance Premiums
Rising insurance premiums can put a strain on your business’ finances, but like business loan brokers, insurance brokers can be a huge help. They thoroughly review your coverage to find savings and ensure you’re not overpaying. The goal is to lower your insurance costs without sacrificing the protection your business needs.
Why Engage an Insurance Broker Now?
Insurance premiums often increase annually. Reviewing and adjusting your coverage at the start of the year can help you manage costs effectively and avoid financial surprises later on.
5. Ensure Compliance with Record Keeping, Bookkeeping, and Payroll Processes
Efficient and compliant record-keeping, bookkeeping, and payroll processes are the backbone of your business operations. Using technology to streamline these processes can create significant time and cost savings. Outsourcing these tasks to experienced bookkeepers can reduce risks and allow you to focus on what you do best in your business.
Why Engage Outsourced Bookkeeping Now?
Beginning the year with up-to-date and compliant record-keeping sets a strong administrative foundation. It ensures you're prepared for any regulatory changes and can focus on other business priorities.
6. Keep Up with the Digital Landscape
The digital landscape is constantly evolving, and staying up-to-date is vital for staying competitive. Use quieter periods to review your systems and consider new technologies that can enhance your efficiency and operations. Digital transformation can streamline your processes and give you a competitive edge.
Why Engage a Digital Consultant Now?
The start of the year is prime time for digital transformation. Post-holiday, employees are back, refreshed with New Year's resolutions, making them more open to adopting new digital tools and processes. January also marks the mid-point of the financial year in Australia, making it ideal for using surplus budgets on valuable digital investments.
Starting early also gives you a competitive advantage, as many businesses delay until the end of the financial year. For industries like retail and ecommerce, the quieter January period is perfect for focusing on transformation without disruption.
7. Manage Commercial Law Risks
Your business contracts form the foundation of your commercial relationships, and poorly drafted or outdated agreements can expose you to significant risks which can lead to disputes, financial loss or regulatory penalties. Common risks include unclear payment terms, inadequate liability clauses or non-compliance with changing laws and regulations. Engaging a commercial lawyer to review or draft your contracts ensures they are precise, enforceable and tailored to protect your business interests.
Why Engage a Commercial Lawyer Now?
Reviewing your contracts at the start of the year is a proactive measure to safeguard your business. It helps mitigate legal risks early on, ensuring your agreements are updated and in your best interest.
8. Invest in Your Brand and Marketing Strategies
Building a strong brand and effective marketing strategy is essential for attracting and retaining customers. Plan your year with a detailed budget and a calendar of key marketing activities to ensure you're consistently engaging with your target audience.
If brand and marketing are 2 things you simply don’t have time for in your business, consider working with a digital marketing agency to help you develop a strategy that aligns with your business goals.
Why Engage a Marketing Agency Now?
Marketing calendars typically run on a yearly cycle, making the start of the year the perfect time to budget and plan your marketing activities. This helps ensure your branding efforts are consistent and strategic throughout the year.
Talk to a Business Advisor About Your Challenges & Opportunities
BlueRock is like a one-stop-shop for business owners and managers, providing services to help you grow sustainably, manage your risk and unearth opportunities. If any of the above items are high on your 2025 checklist, get in touch with us today via the form below for a free consultation about your business.
