As another busy year winds down, small business owners in Australia have a golden opportunity to reflect on the past 12 months and set a course for the year to come.
By checking off a few overdue admin items now, you can set yourself up for a stress-free new year.
Here are eight quick tasks to help you transition smoothly into 2024.
Review your financial performance
Getting your finances in order now will save stress at tax time and help you make better decisions in the months between.
Questions to ask your accountant
- What were my biggest sources of income this year?
- What were my biggest expenses?
- Did I make a profit this year? If not, why?
- Are there any areas where I can cut costs or increase sales?
Do you need to register for GST?
Businesses turning over $75,000 per year ($150,000 for non-profits) must register for GST.
Do a quick calculation to see if you’re required to register. If you need help, [our guide to registering for GST] (https://registry.com.au/news/what-is-gst-registration-and-how-to-register) has more information for sole traders and small business owners.
Check business name or company registration details are up to date
It’s easy to overlook a small detail like updating business registration information or changing your mailing address when you move. Take a few minutes to double-check your details, including:
- Check your business name registration is valid and you’re not trading under an unregistered name
- Confirm and update director’s details, registered addresses and share structure (for companies registered with ASIC)
- Verify that your ABN is active; if not, our ABN reactivation guide has helpful tips
- Update inaccurate contact information so ASIC knows how to get in touch
You can simplify things by bundling business name registration and renewal with Registry. Our streamlined small business services remove the hassle of registering, renewing and remaining compliant.
Review your business plan basics
A business plan is a living document. It should evolve with your business, so if you haven’t dusted it off recently, now’s the time.
- Start with your mission and vision statements: Are they still aligned with your business’s trajectory and values?
- Check-in on the competition: What were they up to while you were focused on emerging from the COVID chaos in 2023?
- Conduct a SWOT analysis: What are your business’s strengths, weaknesses, opportunities, and threats?
Checking in with these fundamentals will give you a good idea of the shape your business is in as you enter 2024.
Set SMART goals for next year
After reviewing your finances, business plan and competitive standing, set specific, measurable, achievable, relevant and time-bound (SMART) goals that move the needle closer to your long-term targets.
SMART goal examples
Let’s say you run a corner café. Next year you want to see more foot traffic from local office workers in the mornings and at lunchtime.
An example SMART goal might be “by September, I want to sell 20% more takeaway coffee to local offices between 7am and 9am on weekdays”.
Right away, you can see how this goal can be broken down into actionable steps.
Review your marketing strategy
As the year wraps up, evaluating and adjusting your marketing approach is crucial for staying connected with customers.
Check-in with KPIs
Look at marketing KPIs (key performance indicators) like website traffic, conversion rates and social media metrics to see which campaigns resonated with your audience.
Are you on the right channels?
Every dollar invested in small business marketing needs to work hard. Review your marketing ROI (return on investment) and adjust the budget towards high-performing channels.
Has your audience persona evolved?
Take a deep dive into your audience data to understand whether your customers’ preferences and behaviours are changing.
Audit your website
A small business’s website is often the first point of contact with potential customers. Make sure yours is looking and performing its best, including:
- Reviewing security starting with the SSL certificate
- Migrating to a .au domain to increase appeal with local customers
- Refreshing content and information so your customers can find answers
- Checking technical performance like mobile responsiveness and page loading speed
- Optimising content and links for SEO
- Updating public contact information like Google Business and local listings
Customers also find it helpful when you let them know in advance about holiday closures and order deadlines.
Inventory and ordering
Speaking of ordering deadlines, have you put in your year-end orders?
Look back at last year to see whether the end of the year means you need more products on hand to meet customer demand. Reach out to suppliers (especially smaller ones) to determine whether you need to order anything earlier or in larger quantities than usual.
Thank your employees and customers
If your small business is anything like ours, then 2023 was a busy year, though not without its share of challenges. Acknowledging the people who kept you motivated and moving forward can leave a lasting positive impact.
- For employees: A personal thank-you or a small gift is a great way to let people know their efforts are appreciated
- For customers: Thank-you emails, exclusive promotions or an end-of-year get-together not only shows your gratitude but also strengthens customer loyalty
A simple gesture can end a busy year on a high note and set the stage for even better things in 2024.
Registry’s online business services make end-of-year reviews easy
We’re here to remove the unnecessary stress of running a small business, so you can focus on delighting customers and delivering great experiences.
Whether it’s a quick business name check, ABN reactivation or company registration, our online business services and local support team provide the backing you need to start 2024 in the best shape.
