How to start the financial year off right for your business | Protection Solutions

How to start the financial year off right for your business

How to start the financial year off right for your business

April 1st, 2021

The Financial year 2022 has started today! As long as you plan ahead and get your business ready early in the financial year you can save yourself a lot of stress. The new financial year is the perfect time to set business goals for the year ahead. We’ve put together a few tips to help you start the financial year off right to give your business the kickstart it needs.

Get on top of business financials:

To start the financial year off right look to review your business financials (including your cash flow), this will help you actively monitor the health of your business. If the numbers aren’t adding up, it could be time to talk to your accountant to discuss what financial strategies you can put in place. Start by reviewing your financial statements, Ideally, you should review your financials at least monthly. Waiting until the end of the year when tax time rolls around adds a lot of unnecessary stress. Set aside one day every month to review your financials.

If you’re thinking of growing your business whether that is employing more staff or growing your product offerings it’s important to have up-to-date financials, this can help you to predict what the financial impact of these decisions could be, and whether now is the right time for your business to expand.

Review your business insurance:

To avoid any nasty surprises in the event of a claim, we recommend that you do a review of your business insurance to make sure your insurance policy still reflects your current working situation.

It’s important to notify your insurer of any changes that affect your business operations. You might need extra coverage if you’ve added new products/ services or employed any more staff.

Another thing to check is if you have brought any new assets, this may mean you will need to update your file. Calculate the value of furniture, telephone or computer systems and other equipment related to your business, and double check if you have enough business insurance coverage.

If you’ve rolled out new services or hired specialised employees to perform new tasks, you might have to add coverages to your policy or increase your liability coverage.

Offerings for your business:

  • Business and partnership protection
  • Personal guarantee protection
  • Workplace health insurance
  • Fire and general cover
  • Key staff cover
  • Life, trauma, and income covers.
  • KiwiSaver
  • And much more

If you need any help reviewing your business insurance please don’t hesitate to contact us, our advisers can help.

Review your employee benefits:

Are you offering your staff any employee benefits? Offering staff additional employee benefits such as an insurance package can encourage:

-Increased productivity

-Improve staff retention

-Reduce sick days and

-Insure your employees will get back to work faster

At Protection Solutions we partner with various product providers to create a unique employee benefits program that suits your business goals, and your staff’s needs.

Insurance benefits can be tailored to suit you which means you can choose from these insurance products:

•             Group medical insurance

•             Group life, and critical illness (trauma) insurance

•             Life insurance

•             Retirement plans

•             Disability insurance

If you need any help with your insurance for the up coming financial year, please don’t hesitate to contact us, our advisers would be happy to talk you through the best options to support your staff ad protect your business.