6th of April marks the start of the new tax year. As we officially close our finances for 2021 / 2022, it’s a great time to take a few moments and review your business. What’s working and what’s not working for you?
Marketing
Marketing is an ongoing task for most private practitioners. The experience of dealing with a global pandemic has shown us that very little in life remains the same and this is true for our marketing. Websites and directory profiles need constant tweaking and reviewing. Updated content is great for SEO. If you need a little help with your marketing, you might consider booking in for some coaching with Andrew Harvey. you can read more about this here.
Directories
When did you last refresh your directory profile? Updating it regularly keeps things fresh and interesting. Do you keep track of how your directory profile is performing? Many of the directories allow you to view your statistics and see what’s attracting people to your page. Have a look at what the directory themselves are offering as many of them have helpful guides and hints and tips for increasing your profile views.
Finances
Self Assessment runs alongside the new financial year and whilst the deadline isn’t for another 9 months (31st January 2023) you can now submit your 2021 / 2022 Self Assessment through HMRC. The payment dates remain the same – 31st Jan 2023 (and 31st July 2023 for people liable for Payments on Account).
If you have set money aside to cover your Tax / NI contributions, the sooner you know what your actual liability is, the sooner you will know how accurate your estimation was – and whether or not there’s anything left in the pot for a little bonus! If you have not been able to save money throughout the year for your Tax / NI, completing your return will allow you to see the amount due and you can then plan accordingly.
Perhaps finances just aren’t your thing and you dread the annual task of getting the paperwork and numbers sorted for your tax return. Now is the perfect time to sort out a system and make sure next year won’t be as arduous. Have a look at our finances workshop Business Finances & Self Assessment.
Paperwork
It’s a good idea to have a point in the year where you review your paperwork. Does your client contract need reviewing? Is your cancellation policy working for you? It can also be a good time to check in with any companies or EAPs you work with, thank them for their business and remind them that you’re accepting new clients.
Fees
Reviewing our fees isn’t something that comes naturally to most of us. It is vital to ensure that you are charging enough and that you’re covering your costs. When was the last time you reviewed your fees against your costs? The end of the financial year is the ideal time to see how much it costs you to run your business and have a look at the upcoming year and how much costs are increasing.
Goal Setting
Getting to know your business is the best way to help identify any areas where you’d like to improve. Whether that’s focusing on CPD for specific clinical skills or looking at support for developing your administration. Setting some goals with realistic timelines can be a great motivator.