5 useful ways to spring clean your agency for the new financial year
With the weather getting warmer and daffodils starting to emerge, spring has finally arrived. Traditionally, this has been a popular time of the year to do a bit of tidying and declutter your home.
Of course, April is also the start of the new tax year, which is why it can also be a good idea to spring clean your business. Having a regular review of your finances, employee satisfaction, and goals can help to give you more confidence that you’re able to meet the challenges the future holds.
If you want to ensure that your business is able to operate effectively, here are five great tips for how to spring clean your agency.
1. Review your workplace perks
As you’ll know, the most important resource that any agency has is its team, which is why it’s so important to ensure that your employees are happy and productive.
If you want to boost the wellbeing of your staff, workplace perks can be a great way to do this. As we touched on in a previous article, this could be anything from private medical cover to better parental leave. Even a benefit like giving your team the option to work remotely can be hugely appreciated.
At the start of the new financial year, it may be useful for you to talk to your employees and gauge what benefits they may want. This can make them feel more appreciated and help you to ensure your team are working effectively.
2. Make sure you have a healthy cash flow
If you want your agency to thrive, maintaining a healthy cash flow is essential. Even if you have strong profits, your business may struggle if you don’t have enough cash on hand to cover your day-to-day outgoings.
Even minor problems with your cash flow could lead to serious problems down the line. For example, if you don’t have enough money on hand to pay suppliers, this could cause serious reputational damage.
To avoid these problems, it’s important to regularly review your cash flow. Having an accurate picture of your incomings and outgoings can help you to manage your agency’s budget more effectively, such as by cutting down any unnecessary expenses.
3. Speak to your clients about how you can improve
While you may be understandably proud of the culture you’ve developed in your business, it’s important to remember that there are always ways to improve. This is why it can be useful to touch base with your clients and get some feedback about how you’re doing.
Sending round a short questionnaire can be a great way to find out what your agency does well, along with revealing areas that you could improve upon. This information can help you to better tailor your client experience and boost the effectiveness of your team.
Having these regular discussions can also help to boost client loyalty, as they’ll know that you value their opinion and want to know how to improve your professional relationship in the future.
4. Assess your financial goals for the year
The start of a new financial year can be a great time to reflect upon not only how well your agency has performed in past months, but also where you want it to be in the future.
As such, it can be a useful opportunity to review your company’s progress towards its goals. This could be anything from growing the size of your team to boosting your monthly profits.
If you find that you aren’t on track to reach your goals, this can be an opportunity to make some changes to your business and make it more efficient. It can also be highly useful to ask your employees for their feedback, as they may have some insights that you hadn’t considered.
5. Check that your protection still meets your needs
In the world of business, you never know what the future might hold. While embracing risk can give your agency opportunities to grow, taking too much can sometimes lead to problems.
If you want to build your agency with confidence, it’s important to know that your protection still meets your needs. As time passes and your business changes, you may find that your cover needs to change with it, which is why you should review it regularly.
When doing so, seeking professional advice can really benefit you. When you work with a broker, they can help you to thoroughly assess your business’s needs and find the types of cover that are right for you.
Knowing that your agency is protected against unexpected risks can give you one less thing to worry about, so you can focus on seizing opportunities and building your business.
Get in touch
If you aren’t sure that your agency has the right protection for its needs, we can help. Email creative@eggarforrester.com or use our contact form to request a callback from our team.
