Make Your Business Finances And Personal Finances Fit For The New Year – 10 Easy Ways

This is the week where most of us have started back to work. In many ways, Christmas and the New Year are just a distant memory. Perhaps your business finances and personal finances are the last thing on your mind?

Was it a wrench getting back into the swing of things? You may have a lingering feeling of having over-indulged, leaving you feeling tired and bloated. It may feel very different this year if you’re continuing to work from home. Maybe it doesn’t feel like you’ve had a break.

Are you thinking of doing some exercise to make yourself feel a bit better? The New Year can be a good time to put new fitness habits into place. Thinking about streamlining your business finances and personal finances is no different.

Hi, I’m Anna Goodwin – Author of five books, Director, Mentor and Trainer for Anna Goodwin Accountancy.

Basically, I take the stress out of finances – both business and personal. From running my own business and helping others to run theirs, I know it’s important for individuals and businesses to regularly review their processes and take control of their business finances and personal finances.

Being business finance fit doesn’t need to be a big piece of work and the main steps can be summarised as follows:

Review Of Business Processes And Business Finances

  • Equipment – Do you have the correct equipment for your job? Is your computer fast enough? Do you need a new printer/scanner? If you are working from home for the foreseeable future, do you need to redesign your office space or even build an office?
  • Time wasters – Are there areas of your system that waste time, but you don’t feel that you can dedicate the time to sort them out? It will be time well spent if you do it!
  • Help needed – Do you need to ask for help when looking at your systems? Maybe admin or marketing don’t come naturally to you?
  • Accounting system – Is 2020 the year when you finally start using accounting software? If this has been an intention for ages, take action now. Maybe even pass over your bookkeeping and free up your time to focus on your business? Several of my clients did this in 2020 and can see a big difference on their business finances.
  • Knowledge – Are there any gaps in your knowledge that are slowing your processes down? Is it time to book on some training courses?

So, consider what needs to change and make a plan of action.

There are also actions you can take to make sure your personal finances are fit for 2021.

Review Of Personal Finance Processes

  • Budgeting – Is this new decade a good time to start budgeting? If you enjoy using apps, you could download one to your phone
  • Pension – Is starting to make pension contributions on your list? Could you set up a meeting with a Financial Planner?
  • Will – Does your will need to be updated? Have any had any changes to your circumstances? Should you consider setting up a power of attorney?
  • Saving – Are you saving regularly into your ISA? You will feel better if you build up an emergency fund.
  • Price comparison– Do you need to compare the prices of your utilities, phone, mortgage etc and see if you can make any savings? I did this last year with my phone and car insurance and was surprised with the savings I made.

Make time now, before you get completely submerged in your to-do list. Give yourself the best start to 2021, by making yourself business finances and personal finances fit. By spending the time now, you will reap benefits for the year(s) ahead!

Next week I will concentrate on tax tips.