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In Residence: fiscal minds

Tighten your balance sheets (and debit belts). Residents from both our Paramount and Reservoir Street share offices provide their top 2 tips to steer you successfully into the new financial year. Melissa Gardner Director The Eatery – Consulting & Design Agency

  1. Plan

Plan, plan and plan some more. The more you can prepare yourself for potential leads or pitfalls, the more equipped you will be to handle them and work through for a strong solution. Use this time to reflect on what you have achieved these past 12 months (or less if you are a start-up). Thank those who have helped you, recognise the highlights and look back objectively at the pitfalls to see if there are any ways you can avoid them over the next 12 months.

  1. Build your brand

Your brand is what people see from the outside, so it’s paramount that their first impression is a good one. Think of all the touch points where this applies: your name, logo and identity, your choice of imagery, your tone of voice, the quality of your marketing materials, the user experience of your website, the appearance of your office space, and most importantly the service or product that you offer. Do all of these match the company you have worked so hard for? Do they communicate your vision for the future and is there a clear path to grow? The new financial year provides a time for fresh thinking and planning to increase your brand awareness and in turn, the success of your business. It’s now known that over 50% of people are viewing websites from a mobile device, so it’s more important than ever to ensure that your website is mobile friendly. Print is not dead. There is still a lot to say about a tangible piece of design marketing to communicate your business. There is room for both print and digital, and both are just as important as the other. Sandy Halpin Director Goomo Capital (Hear Sandy discuss the Business of Profit at this month’s Insight – Mon 25 July)

  1. Set Goals –Set realistic goals (with a little room to move/stretch) and plan how you are going to achieve them;
  1. KPIs –Know how to track whether or not you’re reaching your targets. Set KPIs and monitor yourself.

Oliver Nunn Director Endgame Economics

  1. Keep in touch with your clients. Follow these three easy steps to ensure a steady flow of work:
  2. Make a list of your contacts or clients, and make a time every dayto call one or two of them.
  3. When you get to the end of the list, start again.
  4. Answer the phone whenever it rings.
  1. Know the value of your time

The value of your time is a critical input to help you make decisions and plan. If you charge by the hour, you have a good starting point. But keep in mind that the value of your time varies on the basis of how busy you are. When you are so busy that you are working weekends, increase the value of your time – only take work if it is at a higher rate. When you are twiddling your thumbs, decrease the value of your time – you don’t have anything better to do anyway. Even if you don’t charge on the basis of time, think about what you can do in an hour. We all know time is money, but it’s really important to know how much. Emilya Colliver Owner Art Pharmacy/Culture Scouts

  1. Keep on top of your finances – from invoicing to making payments. Find a good accountant or use xero.com (or another reputable accounting software).
  1. Always have a good 6-month project pipeline in place especially if you’re a small business as you need to know where your next projects are coming from.  

Sally Firkin Director Ampersand

  1. Use SuperChoice – an effective way for employers to manage superannuation compliance
  1. Chase your trade debtors – get your money!

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