1. Re-evaluate your client relationships
Depending on what kind of business you operate, it can become difficult to keep track of the needs of your various clients. Each client is unique and many will change as time passes. The new financial year might be a good time to write a list of your existing clients and determine which ones need to be invested in, which ones it might be time to say goodbye to, and which ones you need more information on.
2. Redefine or find your value add
Marketplaces continue to evolve and develop. Your products or services can quickly become yesterday’s news. The new financial year may prove a great time to look at your offerings and work out where you can add value over and above your competition.
3. Limit the effects of your clients’ cash flow problems on your business
If you have recently enjoyed a bumper time of the EOFY period, watch out that it doesn’t get whittled away by clients not paying on time. A client’s cash flow woes can limit your business, so it is best to put strategies in place that can prevent them becoming your problems too. It might mean setting up a better invoicing system, looking at business finance to get through a dry patch, or investigating the benefits of accounts receivable financing. However you chose to control this part of your business, try to make sure that your business can enjoy smooth, predictable cash flow.
Written by David Jackson, Founder and CEO of FundX