Business Financial Goals 2025

The start of the new year is the perfect time to review your finances and set goals that align with your long-term vision. Here are some practical tips and a comprehensive checklist to get your finances in order for 2025.

Banking arrangements:

• Review your current bank accounts and services.
• Are there fees you can reduce or avoid?
• Would switching to a different bank offer better interest rates or changes?
• If you would prefer not to switch try reaching out to your current Relationship Manager, to see if there's a better deal your bank can offer to you?

Lending:

• Evaluate your loans and credit agreements.
• Can they be re-brokered to secure better interest rates or more favourable terms?
• Consider consolidating debts if it's financially advantageous.

Payroll Provider:

• Assess the performance of your payroll provider.
• Are you getting the best service for the fees you're paying?
• Look for providers offering seamless integrations, better customer support, or cost efficiency.

Salary Reviews:

• If you're an employer, ensure salaries are competitive and keeping pace with market rates.
• Regular reviews can help retain top talent and maintain employee satisfaction.

Financial Projections:

• Dust off your projections or create one if you don't have it already.
• Use projections to budget effectively for the next 12 months and align spending with revenue goals.

Suppliers:

• Audit your suppliers to ensure you're getting the best deals.
• Don't hesitate to renegotiate contracts or explore alternatives for cost savings.

Insurance Policies:

• Review all your insurance policies, both personal and business-related.
• Shop around for better rates or coverage when they come up for renewal, also speak with your current provider and ask them to provide a new quote rather than a renewal, in most cases it will be cheaper.

By following the checklist above, you can start the year with a strong financial strategy, making it easier to achieve your objectives and maintain financial stability.

Consistency is Key!

As with most things in life, consistency is everything! It is always a good idea to revisit your financial plan monthly or quarterly to track your progress and to make adjustments when needed. Circumstances can change, and staying proactive ensures you're always prepared.

Engage Professionals

Tax planning and financial projections can be complex. Consider consulting tax advisors to ensure you're optimising your finances and avoiding costly mistakes.

Take action today! Contact [email protected] to see how we can help to make 2025 your best financial year yet.