5 FINANCIAL YEAR-END TIPS FOR SMALL BUSINESS OWNERS

Hey there hustler!

So it’s the start of the new financial year tomorrow in India. Even if you are a small biz owner and don’t come in the tax bracket, it’s a good practice to get your finances in order – it will be helpful in the long run and you get an idea of how much you actually earn in your business and changes you need to make.

You are here to grow your business and sooner you put good record keeping habits in place the more sorted you will be.

TIP #1: UPDATE YOUR EXPENSE & INCOME FOR THE LAST YEAR

If you start the year with discipline and record all your expenses and incomes from the beginning of the year – everything stays organized and you won’t be frazzled later in the year. It’s also a good idea to keep your personal and business finances separate even if you are a sole proprietor.


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TIP #2: TAKE STOCK OF YOUR INVENTORY


TIP #3: SET YOUR FINANCIAL GOALS FOR THE NEW YEAR

How much do you want to earn in the coming year?How many units of your product do you need to sell to get there? How much do you want to sell each month? Plan this now so that you know what to target for. My goal for the coming year is to sell 50 spots of my upcoming course on running your own business for women entrepreneurs in India. I am focusing all my energy and intention on realising that goal. Tell me in the comments below what your financial goals are.

TIP #4: COLLECT & PAY ALL DUES

Yes you gotta do this NOW! Have some clients who owe you money? Follow up with them. Do you owe your suppliers or anyone else? Settle it up and start with a clean slate.

TIP #5: BACK-UP YOUR INVOICES & RECEIPTS

Organize all your invoices, receipts, purchase orders and back them up. It’s always a good idea to have multiple backups. I keep one back on the cloud and one on an external hard disk.

So tell me now, what challenges do you face in managing your finances in your business? I’ll try to help you out with a solution.

Wishing you an abundant year ahead.

xo

Shreya 

#entrepreneurship #finances #smallbusiness