Every business owner definitely has goals for 2019, for it is these goals that drive progress in business. Beyond having goals, there’s a need to be well-equipped for the rise and falls that may come with running a business this year.

For this reason, this article is focused on dishing out tips that would help your business stand out as a giant in your industry this year.

Ready? Let’s go!

5 Tips for Every Business Owner That Aims To Be Successful In 2019

While most business owners have worked on marketing strategies and new creative ideas, some fundamental tips are usually forgotten. Not to worry, we’ve got you. This list has it all covered. Here we go:

Create your own niche; do not just be another company within the industry

Every industry is saturated enough. The world doesn’t need a photocopy of what another business already does. Instead of doing the exact thing done by every business in your industry, carve out your niche (of course this niche should be based on consumer need and consumer behavior) and watch your business record massive success. An instance of this is when someone in the yoghurt industry chooses to sell green yoghurt (yoghurt with a blend of herbal products). This is an entirely different market. They don’t have to compete with other companies in their industry as they have carved out their niche.

Keep Making Sacrifices

Perhaps you started your business last year, 5 years ago or even 10 years ago; here’s a rule that never changes in business—sacrifice. You have to keep sacrificing your time, money, relationships and everything in the way of your success that needs to be sacrificed. Don’t be deceived by the fact that you’ve stayed so long in business; thus, you have come to a place where you are stable and no longer need sacrifice. You would always need to sacrifice. Dear business owner, keep pushing. It’s harder to maintain the name when you’ve gotten to the top, as the pressure becomes even more.

Consistency is everything

It’s not enough to have been consistent in one year. If you don’t keep being consistent, then what makes it “consistency”? Think of that. Without consistency, constant cash flow within your business isn’t guaranteed. The message is simple, form the habit of consistency not just for this year, but for as long as your business remains.

Let the worth of your business transcend beyond the profit

“Success” is subjective. What one terms success may be different from what another terms success. However, it is essential that the essence of your business and your definition of success transcends beyond money. How about adding value to that new employee that just joined your organization this year? How about making an impact in the community where your business is established? When you do these things, you would look back at the end of the year and smile at how successful you have become.

Focus is a key Ingredient

Without focus, many things will shake you and throw you off balance. Especially when things are not going right, you have to keep being focused. Perhaps your business hasn’t started making massive revenue. Have no fears; be focused and all good things will come. The big corporations you see started small.

Start the New Year Off Right With These Ideas

1. Clean up your act. Go through your old files — both digital and paper — and purge what you don’t need. You’ll feel lighter and more energized. Plan a company wide cleanup day for all your employees to get their work spaces in order, too.

2. Simplify your technological life. How many apps do you have on your phone? How many of them do you actually use? Ditch the unnecessary apps and streamline your home screen to just the ones you need.

3. Get on schedule. Is your calendaring solution working for you? If not, find a new one. (Maybe it’s a paper calendar — that’s OK. The point is to find the system that’s most effective for you.)

4. Give your business a makeover. If customers come to your place of business, January is the perfect time to give it a new look. Decide if you need new signage, a new coat of paint, or new furniture and fixtures to update it for the coming year.

5. Revisit your plans from the past year. When 2018 started, what goals did you set? Have you achieved them? If not, do you still care about them? If you do care, figure out what stopped you from following through in 2018 and what you can do differently this year.

6. Drop a quick note to your 10 most important contacts, letting them know how much they mean to you and why.

7. Reconnect with colleagues and prospects. Maybe you talked about a big project with a colleague last summer, but both of you dropped the ball. Reach out to the person again to see how you can work together in 2019.

8. Commit to learning. To stay on top of your industry’s news and trends in the coming year, find a new blog, publication or newsletter in your field to follow. Sign up for an upcoming industry conference or event.

9. Get your tax documents in order. There are lots of big tax changes in store this year, so get a head start on tax time now. Gather all your 2018 documents and data in one place and make an appointment with your accountant.

10. Set up a date this month to meet with each of your employees and discuss their goals for 2019. Set measurable goals for each person; if possible, tie their success to a bonus plan or other reward. It’s a great way to keep employees motivated.

11. Help your employees be healthier this year. Employee health and wellness are increasingly important to worker satisfaction. Figure out ways your company can support employees in reducing stress and becoming more physically fit. For instance, you could schedule twice-daily “stretch breaks” or invest in standing desks. A companywide weight loss challenge is also a great idea for January.

12. Don’t overwhelm yourself. If you’re the type who likes to make New Year’s resolutions, it’s easy to overburden yourself with dozens of unrealistic goals. Keeping your resolutions manageable will make them easier to live by. Try making one resolution each for your mental, physical and emotional health, or one resolution for your business and one for your personal life.

Along those lines, make time this year to occasionally relax and recharge. It will help you stay energized and focused throughout 2019.

If this is you, I’m guessing you’re focused on the opportunity to start afresh, buy a new case, clear all those apps cluttering your current device, and start playing with its new features. Right?

But have you considered the security aspects?

According to online security software vendor, Norton, the scary reality is that 978 million people in 20 countries were affected by cybercrime in 2017. In New Zealand and Australia, one in four small businesses experienced a cyber attack or hacking attempt.

“It’s an unfortunate fact that the impact of cybercrime is a reality for all businesses,” Xero Head of Security, Paul Macpherson, said at our recent conference, Xerocon Brisbane. “We continually remind all of our customers – small businesses, accountants and bookkeepers – to take precautions to keep their data safe from hackers.”

Sure, you’ll be eager to try the cool Face ID feature and of course you wouldn’t dream of breaking your shiny new phone. But are you mindful of how you’ll keep its contents safe too?

Obtaining a new phone is the perfect opportunity to get everything set up correctly right from the start. And if you don’t plan to upgrade your mobile phone, there’s no time like the present to make changes.


Are you too relaxed with your data security?

While many of us are looking for convenience of easy-to-find or easy-to-remember passwords, in reality you’re making yourself vulnerable to digital identity theft.

Xero Head of Industry, Matthew Prouse, says “the biggest mistake people make is keep highly confidential information in their phone, such as in ‘Notes’ or disguised as a contact. You’re walking around with a pocket of very sensitive data.”

Prouse recommends that you do not –

• Add passwords and pin codes to the ‘Notes’ app
• Try to disguise passwords, bank account numbers or your tax file number as phone contacts
• Choose obvious passwords (such as your date of birth or cat’s name) that even your kids can work out
• Replicate the same codes everywhere (such as your bank account pin)
• Allow your computer or phone to automatically save passwords
• Hand over old mobile phones to your kids without clearing all sensitive data first

Think about the worst case scenario: your phone gets stolen. For many of us, this doesn’t just mean losing a device. It also means losing passwords. And your digital identity.

Every day, there are reports of email accounts being hacked, phishing emails being sent with the aim of collecting credit card details and bank account numbers, and credentials stolen from one website and then used against other sites to see if username and passwords have been replicated.

Macpherson says over 80% of breaches occur via stolen or weak passwords, with email as the primary method of attack. So it’s highly important to keep sensitive employee and customer data safe via modern security practices, especially while running a sustainable and trusted modern business.

Now is the time to brush up on your security awareness.

Prouse recommends utilising apps such as LastPass and Google Authenticator for encryption and a second layer of

security
for important business and personal websites. However, you can’t just download them and consider yourself completely covered.

“As a business owner, your smartphone itself needs to be safe and secure too,” says Prouse. “Make sure there is a fingerprint scanner, facial recognition, and good password security.”

And when it comes to passwords, Prouse suggests thinking outside the box.

“You might like to check out Stay Smart Online for some good tips and policies around passwords. Don’t just use your date of birth, postcode, or banking pin numbers. Pick random numbers; the authorisation apps will remember them for you.”

It’s also key to remember that if you have an existing authenticator app setup on your old phone, you need to set it up on your new device before disposing of your old one.

Keeping it secure with Xero

At Xero, we know the importance of keeping your private information, well, private.

Since March 2018, we’ve been rolling out a two-step authorisation process (2SA) in response to the ATO’s new security framework. So in addition to your standard Xero username and password, you also have to enter a six-digit code provided by an authenticator app, like Google Authenticator.

All accountants, bookkeepers, subscribers and payroll administrators on Xero already have 2SA turned on. Everyone else accessing an Australian organisation will need to turn it on by the end of November 2018. Anyone who doesn’t won’t be able to log into their Xero account.

But don’t worry – you’ll be guided through the process.

“For Xero, security is a team effort,” says Prouse. “It’s about people understanding security, but we can only do so much. People who work for and in businesses need to respect the information and keep their digital identity as safe as possible.”

So if you’re getting your hands on the new iPhone XS, take some time to set up the security as a priority. Because, admit it, downloading Instagram was otherwise first on your list.

How can you lodge your BAS?

You can lodge online through the Australian Taxation Office (ATO) Business Portal, or directly from your Standard Business Reporting (SBR) enabled software.

You can also lodge through myTax if you’re a sole trader. Lodging online also means you may be eligible for a two week deferral to lodge and pay your BAS.

ATO’s GST and BAS lodgment tips

To help stay on top of your tax, make sure you:

• keep all BAS records for five years – you can do this electronically
• only claim GST credits for business purchases that include GST in the sale price, from suppliers that are registered for GST
• put the GST you receive in a separate account to make it easier when it’s time to pay your BAS and manage your cash flow
• contact the ATO if you think you might have difficulty paying on time and remember to still lodge your BAS on time to save you from late lodgment penalties.

If you need help, you can contact the ATO or your registered tax or BAS agent.