The New Year is the ideal time to think about the previous year, and implement changes keeping in mind the end goal to improve and develop your business.

Consider the following when building up your New Year business resolutions:

Finances

Regardless of how well your business performed in the previous year, there is continuously space for development and change.

If you set an objective of reaching a specific figure in 2017, raise that by 10% for 2018. Check where the business is burning through cash and make systems to bring down these expenses.

For instance, if the internet charges for the business is an amount of X, consider finding for a less expensive arrangement. Little changes in different areas can see you make an additional 10% yearly without feeling like you are making huge sacrifices.

Revamp SMM (social media marketing) strategies

Technology is constantly evolving so is the way it can be utilised as a business and marketing tool. January is the perfect time to research; explore rising trends for SMM and attempt to predict where these trends may be heading. Research may let you know, theoretically, that effective organisations in your industry are reducing their activity on Facebook and are now overwhelmingly utilising Instagram and Snapchat. In this case, you should determine how you would adapt your strategy to keep up with the trend.

Professional and personal development

There is always something new to learn; whether that be related directly to your business and the industry it is in, or whether it relates to personal development. Set aside some time to take a look at the courses that may be available to you and fit into your schedule, or that you can alter your schedule to include them.

There are numerous organisations online that offer courses in various areas; for example, building up your technology skills, learning to use specific software or apps, business refresher classes, and so forth. You may have always wanted to learn a new personal skill, such as yoga, rock climbing or a new language; make that a priority in 2018. Developing your own skill sets will help you to become a better leader and all-round entrepreneur.

Important Small Business Tax Dates

28 JANUARY
Make Q2, 2017-18 SG contributions to funds by this date.

31 JANUARY
Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in Q2, 2017-18.

21 FEBRUARY
Lodge and pay January 2018 monthly activity statement.

*** This publication is for guidance only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication. Publication date January 2018

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