Business Health Check
The end of September marks the half way point for the financial year. While it is recommended you assess your year to date trading throughout the year, months can fly by, and 31 March will come around pretty quickly. This is a good time and reminder to do a quick ‘health check’ on your business, and think about the past 6 months trading, and what the next 6 months may bring.
Comparing your past 6 months trading to the same period in previous years can also give you an indication of whether your business has experienced growth during the first half of the financial year, and most accounting software programmes can easily produce these year to date trading reports to help you.
Identifying any changes and opportunities, looking at the challenges you may have faced, along with establishing your year to date profit, will then assist in preparing you for making any decisions like staff or stock levels, and give you an indication of what tax you should have aside at this stage.
Also, how do you think the next 6 months will go? Are you anticipating growth on previous years and prepared for this? Will you require extra staff, equipment or stock? Are your systems in place to keep on top of the day to day running of your business, for example ensuring your clients pay you on time?
Just taking some time out to have a think over where your business is at may just better prepare you for what’s ahead, and of course you are always welcome to contact us to have a chat in regards to this.