Business Preparation Checklist 2019: What Australian Small Businesses Should Prepare for this Coming 2019?

Business Preparation Checklist 2019: What Australian Small Businesses Should Prepare for this Coming 2019 - Paystaff

It's the end of the year! It's time to celebrate our achievements and prepare for the coming 2019, right? But where do you start? Do you go back to your financials? Do you check your customer service? As a budding business in Australia, what do we focus on?

You don't have to approach this blindly. Here are business preparation items for 2019, a list of things Australian small businesses should prepare for this coming year.

 

business preparation - Check Your Incoming Cashflow - Paystaff

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Check Your Incoming Cashflow


First of all, the cash you raked in this holiday season might be at its all-time high. But you need not to splurge all the earnings just yet. Remember, people might have the money these months. But the coming months might be stale for you.

As your customer’s deep holiday pockets whither, you might need to prepare for your cash flow this January and February. Customers on credit might get delayed also in paying for your stocks.

Devise collection mechanisms like factoring your receivables or a more efficient collection turnover system. The downtime this holiday might help you sort these things out for the coming year.

 

business preparation - Finish Small Tasks on Holiday Downtime - Paystaff

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Finish Small Tasks on Holiday Downtime


In the last few days of the year, you might have more downtime that you will ever have. Why not use these blessed moments to finish small tasks. You now have time to check more of your emails. That paperwork you haven't worked on. Even squeeze in some social media posts and blogs.

The more you can finish, the more you are ready for the coming year.

 

business preparation - Learn about Your Customers - Paystaff

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Learn about Your Customers


It is the information age. Understanding your customer behavior and data patterns is a good investment of your time.

Learn who buys and why they buy from your business. Step in their shoes. Tap in their psyche. Knowing this can help you build better customer experience for your products and service for the coming year.

 

business preparation - Review on Your Past Performance the Last 12 Months - Paystaff

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Review on Your Past Performance the Last 12 Months


In business, you should be as objective as possible. The good thing is numbers don't lie. You need to face your financial statement numbers. How did you do?

When were the hard months? How is employee morale? Are you on the red this year? What were your strengths? Reflect on the data. This is handy for the next step.

 

business preparation - Strategize for Next Year - Paystaff

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Strategize for Next Year


Now that you know your scorecard, it's time to do something about it. Set your goals. People overestimate what they can do in years but underestimate what they can achieve in a day.

With that, it's best to set broader goals and create little milestones per month (depending on your preference) to achieve the goal for the coming year. This will be your action plan for 2019.

I tell you, this might not pan out to the dot. But having this baseline allows you to adjust. And ultimately hit your targets whenever you need adjusting. Certainly better than having no plan at all.

 

business preparation - Give Time To Your Health and Wellbeing - Paystaff

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Give Time To Your Health and Wellbeing


After all is said and done, you need relaxation and rest from your hard year’s work. Don't forget to step back from your business and spend quality time with your family and friends.

Wind down. A well-deserved vacation is but just. It is important that once in a while, we practice the soothing "Niksen" or the Art of Doing Nothing. You don't need to be hustling all the time for success. Accept that this healing downtime is part of the process for a happy and fruitful life.

And to boot, some of the greatest ideas came from a vacation. Starbucks was found out by Howards Schultz thru a trip to Italy. J.K Rowling started the Harry Potter series when she traveled from Manchester to London thru a 4-hour train. Steve Jobs did a spiritual journey to the mountains that blossomed to Apple shortly thereafter.

So go on, use the downtime. You'll never know what ideas you can discover.

 

Handling a small business might be a daunting task. But with preparation and planning, you can have actionable steps to reach greater heights. Let's conquer our goals for 2019! Good luck!

 


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