3 months into 2023, what 10 things do you need to know?

We’re three months into the year, so what’s new? There’s always something changing in the business world – you’ll know all about that.

Running your own business means a constant strain on your time and energy. You want to make sure you keep your clients as happy as you possibly can.

So here are some tips you can use to carry on smashing this year.

1. Get your cash flow sorted

All businesses rely on cash flow to survive, which is even more true during difficult economic times. As a tradie this is no different.

We’d advise setting up a budget to control how much you spend. Then you can clearly see what’s needed and won’t be tempted to overspend.

You can use this budget to find areas where you can trim back your finances and give you that safety net should something come up you weren’t expecting.


2. Always on the move? Use more tech

Are you on the road all the time? Always on the phone? If you’ve connected to your mobile to your cloud accounting software, you can check your cash no matter where you are.

Using the cloud gives you the flexibility to do business however you want to, and it’s the best way to stay compliant with Making Tax Digital when that becomes mandatory.

Your systems and apps are just like the tools in your toolbox – maintain them, keep them in good nick, and they’ll look after you.


3. Build an online presence

If I had a quid for every time a tradie raised his eyes at me saying “build your business online”, I wouldn’t be doing what I do now – I’d probably be on a beach in Spain somewhere.

But the fact of the matter is, promoting yourself in person just doesn’t cut it these days. You need a real online presence.

Get a social media page, update your website or send out some emails – you’ll reap the benefits, even if it just means reaching a few more people, which could lead to more business.

It’s also another way to interact with your clients, too. This It can seem a bit ‘noddy’ at times, but if you can put up with it, it’s well worth it.


4. Compliance is key

Staying up to date with the law is vital – if you don’t, you could end up affecting your business or giving yourself more work.

IR35, for example, can cause real issues if you’re not on top of it, which is where you need help from a pro.

By speaking to us, we can help you do what’s necessary to stay compliant – we’re always keeping our eye on what’s new and what will be important to your business.


5. Growth matters

By setting clear goals, you’re more likely to grow. It’s as simple as that.

For a tradie, this could mean targeting a new business area, setting up a new service, or changing your pricing structure.

Whatever you do, by setting clear objectives, you’re much more likely to achieve your goals.


6. Move like water – be flexible

Business is stressful, and with time always at a premium, the faster you can adapt to the world around you, the better your business will be.

If you’ve got a team, try and talk to them about any ideas they may have. Or look at the competition, what are they doing well?

Success comes in many forms – just because you’ve been doing something for years doesn’t mean it’s the only way to do things.


7. Take care of your team

What would work be like without your team? Working with them every day can make even the roughest of jobs seem much more doable.

Where can you give them more responsibility? By sharing out the workload, you’re giving them a chance to flex their skills. Whenever you can, give them more responsibilities and resources so they can succeed.

Or reward them for their hard work. Have you thought about hosting a summer party? How about a share plan to spread the profits?

Whatever you choose, think about your team whenever you can. They’re bloody important.


8. Be ready for change

What happens when something bad happens? You need to know you’ve got something in the locker. Having a good plan means you’ll be able to react properly.

With the financial security of the whole country still up in the air, it’s vital to be ready with a concrete worst-case scenario plan.


9. Talk to other tradies

Trades folk can get used to keeping themselves to themselves. But this is a bad habit to get into. Speak to other tradies in your field – it may be that you learn something.

Building business connections is like creating a web – you can pull on a string at any time and get in touch with someone who may know more than you.


10. Get professional advice 

Working on your business all year with little help is challenging – you need professional help wherever you can get it.

Talk to an accountant – like us – we can help you know where to go next with your business, even if that means getting you off the tools and starting your own proper firm.

Get in touch, to talk about your business.

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