As we step into a new year, it’s the perfect time for business owners to take a step back, reflect on their financial performance, and set some clear new year’s resolutions for 2025. Our team at The Numbers Quarter have put a list together to help you start the year off strong and set your company up for success in the months ahead.
It might seem like the most obvious starting point, but it’s easy to neglect the areas you think you’re already handling well. Reviewing your budget is essential for guiding your business throughout the year. If you feel as though you could use an extra layer of support with this, reach out to our team about our forecasting and budgeting services.
Let’s use January to:
Unpredictable expenses can arise at any time. If you don’t already have one, look after your business and your future self by establishing a cash reserve to cover 3-6 months of essential operating expenses. This buffer can be a lifeline during unexpected slow periods or emergencies, ensuring your business stays afloat.
Push yourself out of your comfort zone by adding this to your new year’s resolutions – make 2025 the year you welcome new digital tools to improve your financial processes.
This could include:
Investing in the right technology can save you time, reduce errors, and give you a clearer view of your business’s financial health. That’s where we come in, by outsourcing your accounting to our team of local accountants in Bedford, we can introduce you to new ideas, tools and resources to push your business forward.
When was the last time you reviewed your pricing? If you had to think about that answer, it was probably too long ago! Let’s ensure your prices reflect the value of your products or services, cover rising costs, and remain competitive in your industry.
High-interest debts can easily drain your business finances. For your 2025 new year’s resolutions, prioritise paying off or combining debts to reduce interest payments and free up cash for reinvestment. By creating a debt reduction plan, it will be much easier to stick to it throughout the year.
Avoid last-minute stress by preparing for your tax obligations ahead of time. By working with our team of accountants in Bedford, we can help you to:
If you haven’t already, 2025 could be the year that you invest in outsourced accounting. Working with professional advice can provide a fresh perspective and identify opportunities you may have overlooked. A small investment in expertise can lead to significant long-term gains.
It’s not uncommon that business growth is often near the top of the list when it comes to new year’s resolutions. The start of January is always a great time to explore ways to expand your business. Here are a few things you should consider:
Last but not least, as a business owner, staying informed about financial trends and best practices can help you stand out from your competitors. Make it a goal to:
Did you know our newsletter can help you check all these boxes? If you haven’t signed up yet, you can easily tick off your first New Year’s resolution just by signing up!
There’s nothing worse than getting to March and realising you’ve neglected all of the New Year’s Resolutions that you promised yourself you would stick to. However, by choosing a few key areas to focus on, a clear plan and consistent effort, you can achieve financial stability and set your business up for long-term success.
Need help implementing your 2025 financial resolutions? Our team of local accountants The Numbers Quarter is here to support you with expert advice and tailored accounting services. Get in touch today to start the new year on the right (financial) footing!