Budgeting tips for your small business in 2022
There’s no denying that 2021 has been a blow to many businesses, with restrictions and lockdowns leaving them with no choice but to limit their in-person customers or shut their doors indefinitely amidst the continuing COVID-19 pandemic.
If you’re a business owner, you’ll know first-hand how essential it’s been to adapt your operations to stay afloat; and that your business may look a little (or a lot) different to what it was when the year began.
After this challenging year, you might consider evaluating where your business stands and where you’d like it to go. If this is you, you’re in the right place. In this article, we cover four ways to set your business up for success next year and position it for growth.
Business tips for the new year
Tip 1: review results
Reviewing results from the year that was can help you identify successes and failures – pinpointing any changes you may want to make to your business in the new year.
When reviewing results, it’s vital to include basics such as income, expenses and revenue, in addition to products and services that received the most attention or marketing efforts that generated the most return.
This could also include EFTPOS sales, and tracking the performance of your sales through card payments over the year, even down to a granular level.
At Tyro, we offer both the Tyro App and Tyro Portal alongside your EFTPOS to track your business performance.
With the Tyro App and Tyro Portal, Tyro customers can gain insight into their sales trends via monthly reporting, access to previous invoices, and cost analysis reports – giving you valuable overviews of your business activity.
Tip 2: build on strengths and improve weaknesses
Every business has its strengths and weaknesses.
While some may have showstopping store presences, their website may be clunky and hard to use; or a business with a stellar product range may lack the skills to market it effectively.
Evaluating where your business’s gaps lie is a great way to identify how to elevate your business and start ticking all the necessary boxes.
Inefficient payments letting you down? Investigate your options so processing transactions is the easiest part of your day-to-day. Tyro EFTPOS is a fast, simple, and secure way for your customers to pay.
Tip 3: complete your digital transformation
COVID undeniably thrust many businesses into the digital space. While the world may be slowly getting back to normal, the future is all but certain to be one that happens online.
Getting your digital transformation sorted is therefore a crucial element in ensuring your business’s longevity and success. Lockdowns and restrictions aside, allowing customers to interact with your business however (and wherever) they choose means they are more likely to stick with you in the long run.
Tip 4: set SMART business goals
When business planning for the year ahead, it’s important to make SMART goals that are strategic, measurable, attainable, realistic, and time-bound with deadlines.
Creating goals that you’re committed to accomplishing within a specific time frame, instead of vague ideas with no real urgency, gives you a greater chance at achieving them. Establishing benchmarks and KPIs to measure success along the way can also help your goals become a reality.
Remember, any goals you set should be aligned with your vision, mission, and values to ensure you’re staying aligned with your brand purpose and not losing sight of the bigger picture for your business.
Have a business dream but need some extra funds to kick it into gear? Once you’re a Tyro Customer, a Tyro Business Loan is a quick and easy way for Tyro Customers to access unsecured amounts up to $350,000 (subject to approval).
A business involves many moving parts, which is why it’s important to take the time to analyse them and see what is and isn’t working. Business planning is an important step in getting your business to where you want it to go and achieving business growth that can be sustained over the long term.