Top things to focus in 2019, Although the new year started less than three months ago the official financial year in the U.S usually starts on 1st October and ends on 30th September. The balance sheets and Income statements of a company in any part of the world are prepared for the period of one year, the start of this year varies from country to country but universally this year of planning and budgeting is referred to as a financial year.
Since the financial year in the U.S is coming to an end in a few months, here are some things that can be incorporated into the new financial year of 2019-2020 that can help towards reaching even more success and profits.
Cybersecurity is one of the most crucial aspects of an organization, if not the most crucial. But more often than not, it is not taken seriously and usually, proper measures are not implemented until the damage is done. For a successful organization, it is not enough to maintain productivity and high functionality alone but it is also equally important to protect the resources of the organization both from internal and external sources.
Most organizations do not see the value in having well-established protection for their online resources and data as they believe that having a password or having a firewall is enough. But, in recent times with the increase in technology, cybercriminals are evolving as well, before the management of a company can even predict it, important data could be stolen, personal information and messages can be exploited or confidential information of the organization could be leaked costing them a loss of millions of dollars. These real-time scenarios are very few of the many that might occur if there is a continuing ignorance in the area of properly securing a company’s resources.
The next thing that an organization should focus on is bookkeeping. It is the recording or keeping track of financial transactions, and is a part of the process of accounting in business. Transactions can include various purchases, sales, receipts, and payments by an individual person or an organization. In 2019 bookkeeping is the main aspect to be focused on, since the maintenance of these accounts and transactions can affect the cash flow of the company.
Poor maintenance can result in an imbalance in the financial accounts and real-time cash flow of the organization, which can indirectly lead to losing clients. Whereas proper maintenance can result in keeping a better track of the organization’s budgets and expenditure. Proper maintenance can shine the light on any unnecessary expenditure that the company can cut down on.
Just like bookkeeping and cybersecurity, the next aspect of the company that is very important and that needs a lot of attention is the Human Resource. Human resources are the people who make up the workforce of an organization, business sector, or economy.
And since the workforce of the organization is the biggest driving force and the most crucial deciding factor of the success or failure of a company, it must be chosen carefully. Human Resources is also the function in an organization that deals with the people and issues related to people such as benefits, recruiting and hiring of employees, performance management, training, and organization development and culture.
The Human Resource aspect of a firm not only recruits and hires people but it is also in charge of keeping the recruited employees satisfied and content with the work culture and the benefits that are being provided by the company. Hence it is easy to say that they have one of the most important tasks to uphold in the entire organization.
Policies are a set of guidelines that are specific and are established by that individual or organization. A clear set of policies is important in order to set an organization apart from its competitors. Policies need to be established for different aspects of the work culture of the firm such as a sick leave policy, salary policy, suspension policy, etc.
Policies give us a defined idea on what to do when a certain situation arises and they should be followed without being taken lightly.
A payroll policy describes the payroll process as it relates to the administration of salaries, timekeeping, payroll schedules, and payment methods. An organization with an established and well-followed payroll policy can assure employees of accurate and timely payment of salaries and wages.
Clear cut payroll policies for employees should be established, describing their respective outcomes under different situations such as paid leave, maternity leave, and emergencies, etc. Policies for taxes and other income cuts should be well defined beforehand and must be communicated to the employee.
Since we are entering the financial year of 2019, the methods to sell a product to the customer must also change along with time. With the advent of technology, conventional methods cease to be relevant in this day and age.
Therefore, with the help of technology, an organization can market its products in a better and a more relevant manner. Various social media platforms that are available are a great way to start digital marketing without the additional budget costs, Advertisements during movies, television, and other brand endorsements and associations are another great way to promote a product with the help of digital marketing.
The organizational and the operational plan of an organization describe how you will structure your company and how you will carry out everything that you present in your business plan. Without an execution strategy, the rest of your plan is meaningless.
Having a proper operational plan that is carried out efficiently is a sure shot for a successful and long-lasting tenure of an organization. It not only affects your lenders and investors but also affects an individual, the management and the employees.
Hence, the above points describe a few measures that can be implemented to make the best out of this financial year 2019-2020. We wish you and your organization the best of luck.