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As we gear-up into the 2022 financial year, we urge you to prioritise the development (or refinement!) of your financial plan for the year ahead. We understand what businesses need to operate effectively and can offer guidance in your planning process.

Small business owners have never needed to be more agile than in recent years. Watertight financial planning has been without a doubt the key to survival. As true South Africans, our enduring spirit and can-do attitude stand us in good stead to perform under pressure!

Here are a few recommendations on how you can enhance your business financial health:

1.Plan, plan and again plan: To map an all-encompassing financial plan, one should take the following into consideration: budget, tax planning, accounting, risk management (which must include emergency fund allocation as well as insurance), and financial forecasting.
Take a microscopic look at your accounts, do performance checks and balances, and ensure that you fully comprehend the status in terms of your bookkeeping - this will offer progress guide in terms of your business financial targets. It is also imperative to keep insurance in place as part of a proactive risk management element in your financial plan.

2. Get tax savvy: Breaking out into a sweat during tax season can be avoided by keeping a disciplined regiment in terms of your record and bookkeeping. This will allow you to free up your focus to remain on track with your business plans. An informed and strategic approach in your tax application will contribute to lower your tax burden. Ambiton offers tax consulting services to aid our clients with their tax planning requirements.

3. Keep the cash-flow on the go: Cash flow contributes to the most prominent challenges for many small business owners. It’s not an easy course to keep the balance in check and takes continual management of direct and indirect business expenses and overhead costs. Ensure that you monitor your cash movements (inflows and outflows) to have complete comprehension of your expenditure. This will allow you to establish how income derived can be increased and expenses (outflow) can be decreased. There are many business practices that can be adopted to strengthen your cash-flow, such evaluating cost-cutting opportunities or finding amicable solutions with suppliers in terms of better rates. Can you request deposit on order before final invoicing, or change salary dates to accommodate continuity in cash flow and at the same time have a harmonious solution for staff?

4. Check out of the debt: Off course most business will require some form of assistance by leveraging debt when the need arises. Rule of thumb is to keep the capital cost borrowed below forecasted income or returns. Apply debt repayments by resolving the smallest debt amount owed first, and then applying those freed-up repayments to the next smallest debt and continue to do so until all your business can run debt free.

5. Draw a clear line between personal and business: If there is one area in a business where one must exhort extensive discipline, this is it - separate your personal and business finances. It’s very easy to fall into the habit of using business for personal expenses, however when you do stick to a strict regime it enables an uncomplicated guideline to evaluate the progress and performance of the business. Keep the cards and the accounts separate.

No two businesses are the same; they all have different goals and challenges and therefore it is highly advisable to receive guidance and advice from a professional financial advisor, to create a clear business financial plan from the onset of the new year, offering you the peace of mind.