Fergus is encouraging the trade to prepare for the new financial year this coming April. As the 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 – tradespeople will be amazed at how this will help focus and identify areas for growth and set realistic, measurable goals for the upcoming year. Consider how market trends, new regulations and technological advancements can impact the business and adjust the business plan accordingly.
Financial health check
A thorough review of financials is essential. Analyse profit and loss statements, balance sheets 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 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 that tradespeople face daily. From scheduling and dispatching to invoicing and payments, Fergus says it 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 clients’.
Plan for tax
Organising finances for tax purposes doesn’t have to be daunting. Utilise Fergus to streamline the process of bringing financial records up to date and ensuring they are accurate so it is easy to manage 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 marketing strategies. Digital marketing, including SEO and social media, can be particularly effective for reaching new clients and building brand awareness. Consider how Fergus’ software can showcase 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 business operations can scale accordingly. Fergus’ software is designed to grow with the business, offering features that accommodate an expanding client base and workforce.
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