March marks the start of the new financial year, and as the implications of the newly announced Budget 2019 start to sink in, a proactive approach to financial planning is the best way forward. From April, South Africans will pay 29c per litre more on fuel. This will have a direct and dramatic effect on multiple industries, particularly those in the manufacturing, logistics and farming sectors.
An in-depth, creative and out-of-the-box financial budget for 2019/2020 is essential to achieving the profitability your company is after.
Here are some tips to getting this right:
Track & analyse costs
Put your company’s expenditures under the microscope. Tracking and analysing expenses are often simpler in smaller businesses, but the larger the corporation and the more variables involved, the more complex it can become. Software programmes can help you gain insights over the full scope of the company’s finances so as to simplify and accurately calculate room for improvement.
Save where you can
If you have better control over what is spent and where improvement is required, proactive measures towards cutting down costs can be implemented. The simplest of cost reductions can have a large impact over the long term. Digitising the business, for example, so as to be less reliant on paper and printing, not only saves money but is also a way in which your company can be more eco-friendly. And with carbon tax applicable this year, every change towards becoming “greener” is a change in the right direction.
Automate where you can
Automating certain tasks within the business can lead to immense time and cost savings, not to mention the improvement in accuracy. It could even potentially eliminate your company’s reliance on additional personnel or free up your employees’ time to focus on more important, business-centric tasks.
Invest in your employees
While there are multiple areas companies need to cut back on, skills development shouldn’t be one of them. Give your team the skills they need to flourish at work because a more empowered workforce is an effective one.
At MWare, we offer our customers a wide range of Automated Business Solutions that can assist you in the new financial year. From our Sage Toolkit, which simplifies tedious and overwhelming tasks in the financial and operational side of your business, to mLearning, a mobile learning platform aimed at soft skill development.
“It will not be easy. There are no quick fixes. But our nation is ready for renewal. We are ready to plant the seeds of our future,” Tito Mboweni, Minister of Finance said during the Budget 2019 speech.
May this inspire you to take your business where it should go in the year ahead.