Seven tips for success: Fergus encourages trade businesses to prepare for the new financial year
Fergus, the job management software for trade businesses, is encouraging the trade to prepare for the new financial year this coming April. As the new financial and tax period approaches, tradespeople should look to enhance efficiency and ensure their businesses are set for success across 2024/5.
“The transition into a new financial year is a crucial time for trade businesses to reflect, adjust and plan. It’s an opportunity to refocus, improve financial health and position your business for growth,” says James Chillman, UK Country Manager.
To help the trade, Fergus has put together a seven step guide to preparing for the new financial year:
Review and refresh your business plan
The end of the financial year is an ideal time to review your business plan. Reflect on the past year’s achievements, challenges and the lessons learned – you’ll be amazed at how this will help you focus, identify areas for growth and set realistic, measurable goals for the upcoming year. Consider how market trends, new regulations and technological advancements can impact your business and adjust your business plan accordingly.
Financial health check
A thorough review of your financials is essential. Analyse your profit and loss statements, balance sheet and cash flow statements to understand your financial position. Identify any areas where costs can be reduced and where investment is needed. This is also the perfect time to chase up outstanding invoices and tidy up your accounts.
Embrace technology
Leveraging technology is key to staying competitive. Fergus job management software is designed to simplify and automate many of the administrative tasks the trade face daily. From scheduling and dispatching to invoicing and payments, Fergus provides a comprehensive solution that saves time, reduces errors and improves cash flow.
Skills and compliance update
Ensure you and your team’s certifications are up to date and plan any necessary training for the new financial year. Staying compliant with industry regulations is not just about legal compliance; it’s about providing quality service that protects your reputation and your clients.
Plan ahead for tax
Organising your finances for tax purposes doesn’t have to be daunting. Utilise Fergus to streamline the process of bringing your financial records up to date and ensuring they are accurate so it is easy to manage your finances and prepare for tax season. Consider seeking advice from a tax professional to make sure you’re taking advantage of any available deductions and credits.
Invest in marketing
A new financial year is a great time to review and adjust your marketing strategies. Digital marketing, including SEO and social media, can be particularly effective for reaching new clients and building brand awareness. Consider how Fergus’s software can showcase your professionalism to potential clients, with seamless job booking and communication.
Get set up for scalability
As you plan for growth, it’s important to ensure your business operations can scale accordingly. Fergus’s job management software is designed to grow with your business, offering features that accommodate an expanding client base and workforce.
For more hints and tips and for a free trail of Fergus software visit www.fergus.com
