The start of the new financial year is the perfect time to reassess how you can create strategies to increase business profits and get more customers. April sees the start of a new financial year for most Kiwi businesses, so rather than setting hardline, easy-to-break resolutions, why not put your finances in order with these simple new financial year tips from Bartercard, beginning with consolidating and reducing debt.
If you have multiple credit cards and personal loans, make the this financial year the one where you start to tackle debt. Paying off debt takes time and strategy, so start by listing the debt and interest you are paying in a spreadsheet, then look at ways to consolidate it or lower the interest rates. You can do this either through a balance transfer credit card (which lets you transfer high-interest debt to another card at a lower interest rate) or a personal loan, so at least everything is in one place and you have one payment going out. When everything is in place, select the most effective repayment strategy – you might choose to pay the smaller debt or the highest interest first.
You also need to track the amount you spend daily, weekly, and annually to reduce it or spend more wisely. Tracking expenses will certainly make you aware of spending, so you can change or adjust it. Similarly, you can reduce incidental spending when you invest in higher quality items which last, or services that put your business ahead.
If you are planning any significant spending which your current level of cash flow might not support, take a look at the Bartercard concept. Bartercard can help you save valuable cash by allowing you, as a member, to pay for products and services with Trade Dollars between other members instead of paying in cash. You can then use those Trade Dollars to offset cash expenses within your business.
Another financial new year goal should be maximising your marketing. Effective marketing not only puts you on the radar but will give your brand a clear voice and set you apart from competitors. In marketing, it always pays to plan ahead – missing clearly aligned opportunities because you weren’t prepared could cause regret at the end of the year.
If you’d like more information on how Bartercard can assist your new financial year’s resolutions, and for more information on increasing profits, selling excess stock and trade dollars please go to www.bartercard.co.nz .