With spring around the corner, it’s a great opportunity to start spring cleaning for your business. Evaluating your operations at the start of the second quarter allows you to tweak and transform in ways that may pay off for the rest of the financial year.
Tip #1: Review your inventory
With supply chain disruptions continuing, you may have lower levels of stock, or even be overstocked. Your business may also need to do a yearly stocktake for tax purposes. If that applies to you, then September could be your quarterly reminder to check your inventory. Use that review to identify more efficient ways to organise your stockpile.
Tip #2: Review your suppliers
Take a magnifying glass to your suppliers, reviewing their performance and payment or order requirements, check historical data to identify issues, and, if possible, look to diversify suppliers and source domestically rather than from overseas,
Tip #3: Declutter
It’s not just physical items, such as equipment, stock, and furniture, that you’ll need to consider. Adopt a ‘onesie’ rule for your workstation – only have what you need for your current task on your desk. Otherwise, you risk multitasking, which can cost you up to 40% of your productive time. Look at updating your website, revisit client lists, check your accounting processes and refresh your calendar to ensure work is done to a deadline.
Tip #4: Make sure your insurance is up to date
A year is a long time in business. It might be a while since you’ve updated your insurance cover. Situations that could trigger a need for a refresh include your business offering new service or products, buying or investing in new business equipment or systems, employing new staff or moving premises.
Tip #5: Let us help you
We’re your friendly, knowledgeable guide on all things insurance. Reach out to us to make sure your insurance is up to date. We’ll also help ensure your policies are perfectly tailored to your current circumstances.
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