Checking in on your business at the start of a new year

A new year provides the perfect time to reflect on where you’re going. To help you check in on the direction of your business, here are some questions to ask yourself. The answers can be revealing.

• Do you pay your bills on time?

Your to-do list is long and bills can fall to the wayside. But not paying on time can have consequences, like late fees or damaged vendor relationships.

• What receivables are being paid on time?

You know the stress of outstanding invoices and having to check in with customers. Seeing who pays on time and how quickly can help you understand the customers you may need to pay more attention to.

• What information are you using to make decisions?

Think about the decisions you make for the direction of your business. What information or data points are you using for guidance? And what information do you wish you had?

• In your business strategy, how are you monitoring your success?

To reach your goals, you need to understand what is fueling your success and see what might be holding you back. Benchmarks and key performance indicators can help. Ask yourself what numbers you’re using to determine the level of success and if they tell the full story of your business.

If you’re struggling to answer these questions, ease can help. Our cloud accounting and bookkeeping solution provides you with deep insights into your business, empowering you to make the right decisions at the right time. Plus, you get the help of an advisor to make sense of the information and determine a direction.