- Start afresh
Our first, and most important tip, is to ensure you can start 2022 afresh. Closing the book on last year’s accounts can answer questions such as did you meet your goals for 2021, what can your business do to improve this year and what areas you need to focus on? Making sure you are up to date on your financial reporting and tax obligations gives you the greatest chance of success for the upcoming year.
Since the pandemic began, we have quickly understood how important it is for your business to have an emergency fund. Markets can be unpredictable, which could have a detrimental impact on your operations if there is no safety net in place. That is why we think it is important to save as much as we can in 2022, this way your business can be better prepared for whatever the future may hold.
3. Reaccess costs
We are sure that many of you have been subject to recent rises in supplier costs, which could impact your businesses bottom line if unaccounted for. Therefore, we recommend starting this year by accessing any increases across your supply chain, as well as implementing a system to take regular reviews in the future. Awareness of any cost increases provides the opportunity to increase the price of your services accordingly or find cheaper alternatives.
The past two years have resulted in many small businesses struggling or being forced to close. That is why for 2022, we encourage you to support small businesses wherever you can, whether that be by switching to local suppliers or opting to host your business meetings in a nearby cafe or restaurant. This can ensure that your community can begin to thrive again this year, local jobs can stay intact and they may even offer better products or services than your previous suppliers.