The New Tax Year and your Busines

What you need to know!

So, the holidays are over – you’re a little heavier and your wallet is a lot lighter 😊 You’re eager to start the year but after last few years, you’re a little sceptical about how 2023 might turn out!

Well, the first thing you need to know is:

Worrying will not solve any of your problems!!

If you’d like 2023 to be your best year then we suggest you concentrate on the following over the next few weeks:

Cash Flow – At this time of year cash flow is probably the biggest concern of all small businesses. Make a list of your debtors and what they owe and begin calling them – not emailing – but calling them. Let them know you’re counting on their payment to keep providing the great services / products they’ve become accustomed to.

2022 Hangover – No we don’t mean an alcohol hangover, but rather a hangover of incomplete work from 2022! Like an alcohol hangover, it has the same effect of leaving you uninspired for what lies ahead, so just knuckle down and get it out the way so 2023 can live up to your expectations.

Sales Channel / Deal Flow – The year has barely begun and you’re already worrying where the next sale / deal will come from. That’s a good sign, but you’d be a lot less concerned if you had prepared for this at the end of last year. All is not lost though… you still have enough time to rescue the situation.

We always suggest contacting all the clients you’ve done work for over the past year (including prospects, who you quoted but never heard from again) and let them know you are around and ready to amaze them again this year.

This should be a good starting point, as listening to your clients’ needs when chatting to them will keep the work coming throughout the rest of the year.

Administration – Or Red Tape as we like to call it!   Use the next few quieter days, to get on top of your administration. Make a list of expiry / due dates for items like BEE Certificates, Tax Clearance certificates, CIPC Annual returns, etc. and put them in your calendar with reminders so you have enough time to action them.

Mentor – Find a mentor who can guide you and hold you to account when you miss targets. Have your accountant help you prepare a budget and management accounts for the coming year and then discuss these with your mentor.

That’s it, follow these 5 essential steps over the next few weeks and your 2023 will definitely get off to a flying start!

Our Services:

At SME.TAX we do more than just assist clients with planning for their New Year.

We are your “one stop SME shop”, assisting with everything from Accounting, Business Management, BEE, Consulting, Company Registration to Payroll and Mentoring.

For more information, please visit our website www.sme.tax or give us a call on 012 021 0829