May Business Plan - What to work on in your business this month
May is a great month for business owners to take advantage of some traditionally slower months as an opportunity to dedicate time, energy and resources to the tasks often put on the back burner in business. In May, there are an array of tax and financial processes that need to be completed in order to keep your business on the right path. By making sure you are prepared and have time to review your documents, create a solid budget plan, and have all your legal obligations organised, you will have greater clarity and peace of mind as you move into the next financial year.
Tax filing
In New Zealand, tax season starts on April 1st and ends on March 31st of the following year. The deadline for filing your tax return is usually on July 7th. However, May is a great time to file your taxes as the deadline is approaching. It's important to ensure that all your tax documents are in order and accurate before submitting them on time.
Filing taxes in May can help you avoid any last-minute rush and avoids the risk of incurring late fees or penalties and running out of time to make any corrections if required. Make sure to keep records of your income and expenses throughout the year, as you may need these documents to accurately complete your tax return. Filing your taxes on time can save you money and a headache. Use this time to double-check your records, claim any deductions or credits, and ensure your tax documents are in order before submitting by July 7th.
Budget review
May is the perfect time to review your budget and assess how you're tracking against your financial goals. Are you on track to meet your targets? Or do you need to make some adjustments to get back on track?
Taking stock of your finances can be daunting, but it's important to stay on top of your budget to avoid overspending and falling into debt. Look at your income and expenses from the past quarter and past 12 months, and identify areas where you can cut back on spending or increase your income. Adjust your budget accordingly for the remaining months of the year, so you can stay on track and achieve your financial goals this year.
Annual leave planning
With the end of the financial year approaching, it's important to plan for staff annual leave. Annual leave planning is a crucial activity for businesses as it ensures that employees take adequate rest to recharge and come back to work refreshed and rejuvenated. May is an important month for annual leave planning as it gives enough time to schedule blocks of leave for staff between now and the end of the year and to allow you to pre-plan your business capacity, operations and marketing activities like promotions around these as appropriate.
The key is to determine when staff will be taking leave and work out an appropriate schedule that ensures adequate coverage to maintain continuity of work, meet customer expectations, and keep productivity levels high.
If you are a sole trader, it’s imperative to ensure you have booked yourself sufficient time off to create a work-life balance, reduce your chance of developing burnout and have sufficient time to recover and come back to work refreshed, ready to tackle the challenges of the new year.
Winter maintenance and repairs
Now that May has arrived, it's the perfect time to start thinking about winter maintenance and repairs for your business premises. With the colder weather fast approaching, it's essential to ensure that your heating systems, insulation and plumbing are all in good working order.
Regular maintenance of these systems is important to prevent any serious issues and ensure that they perform efficiently during the colder months. This also goes for doors and windows, as any gaps or leaks in these areas can result in significant heat loss and higher energy bills. Checking and repairing any damage to roofs and gutters is also important to prevent water damage and ensure that they can withstand harsh winter weather. Taking care of these tasks now will not only protect your business from costly damage and repairs but also ensure a comfortable and safe environment for staff and customers during the winter season.
Interested in a strategy customised for your business? We can help you identify key areas for improvement, assess data and operations, recommend strategies for growth and provide support throughout the process. Learn more about our consultancy packages or book a strategy session to get started.
