3 considerations for your business going into the new year

The new year presents one of the best times on the calendar to get a handle on how your business has performed, and where it should be in the following 12 months.

With that in mind, here are some things to look out for when the calendar ticks over into January:

Set the bar high

Regardless of sector, the new year offers the best time to set targets for businesses. Financial or otherwise, having deadlines when aiming to hit milestones can really drive productivity throughout the year.

In deciding on a target, look first at what the company achieved across the last 12 months. Then, choose an optimistic percentage increase in profits you hope to hit and let it motivate you over the year to come.

Get your finances in check

The Christmas period can bring the potential for increased cashflow for a whole host of industries. However, making sure you pay the appropriate amount of tax - particularly if you have undertaken any cash-in-hand work - can be key if you don't want to get caught out further down the line.

A new calendar year can offer a clean slate in terms of finances, so being prepared for that can start you along the path to a successful 2015.

Update your business insurance

Many businesses will forget to regularly update their insurance policies, meaning they face the potential of not being adequately covered in the event of a claim.

If your company has grown in 2014 - and expects to in the new year, too - keeping your insurer informed of any changes in circumstances is crucial.

If you're struggling to get the best out of your current arrangement, Elders Insurance can offer a range of business insurance cover that can be incredibly effective into the new year and beyond.