Top things to focus on in 2019 for your business

In the year 2019, as an accounting firm, we should establish clear-cut payroll policies for employees, describing the top things. Although the new year started less than three months ago, the official financial year in the U.S. usually starts on October 1 and ends on September 30. Companies from any part of the world prepare balance sheets and income statements for one year. The start of this year varies from country to country, but universally, we refer to this year of planning and budgeting as a financial year. Since the financial year in the U.S. is ending in a few months, here are some things that companies can incorporate into the new financial year of 2019–2020. 

Introduction

In 2019, businesses must adapt to a changing environment to succeed. Strong cybersecurity is essential to protect data. Keeping accurate financial records helps in better decision-making. A motivated workforce improves productivity. Good human resource management ensures employee satisfaction. Clear policies and efficient payroll systems make operations smooth. Digital marketing is key to reaching more customers. A well-structured business plan helps in managing resources and overcoming challenges. Focusing on these areas will lead to growth and long-term success. 

Things to focus on in 2019 for your business

CYBERSECURITY

1. Business Focus on Cybersecurity: Prioritizing cybersecurity is essential for the long-term success and stability of an organization. Without robust security measures, businesses risk losing valuable resources, reputation, and financial stability.
2. Rising Cyber Threats: Cybercriminals are constantly evolving, using sophisticated techniques to breach company defenses. Traditional methods like passwords or firewalls may not be sufficient against modern threats.
3. Data and Information Security: Companies often underestimate the importance of protecting sensitive data. Personal information, financial data, and trade secrets are prime targets for cybercriminals. Breaches can lead to significant financial losses and legal consequences.
4. Internal and External Risks: Cybersecurity threats come from both internal employees and external hackers. Without a comprehensive security strategy, organizations remain vulnerable to data leaks, theft, and attacks.

BOOKKEEPING

1. Business Focus on Bookkeeping: Bookkeeping plays a crucial role in maintaining financial health within any organization. Accurate and timely record-keeping ensures the organization stays on top of its finances and supports long-term sustainability.
2. Recording Financial Transactions: Bookkeeping involves the systematic recording of all financial transactions such as sales, purchases, payments, and receipts. Keeping track of these transactions is key to understanding the financial position of the business.
3. Impact on Cash Flow: Proper bookkeeping is essential for maintaining a balanced cash flow. Poor financial tracking can lead to imbalances in accounts, which might create confusion about available funds and disrupt daily operations, risking delays or missed payments.
4. Prevention of Client Loss: An inaccurate financial record can lead to issues like delayed payments, incorrect invoicing, or unfulfilled obligations. This can damage relationships with clients and harm the organization’s reputation, which could lead to lost business.

HUMAN RESOURCES

1. Business Focus on Human Resources: Human resources (HR) is a critical component of any organization, as it is directly linked to the success of the workforce. The way HR manages people significantly impacts productivity, morale, and overall performance.
2. Recruitment and Hiring: One of the primary roles of HR is recruiting and hiring the right talent. The success of the organization depends on having a skilled and motivated workforce, making this aspect of HR crucial for business success.
3. Employee Satisfaction and Retention: Business Focus on employee satisfaction is essential. HR is responsible for ensuring employees are content with their work culture, benefits, and growth opportunities. Happy employees are more likely to stay with the company and contribute to its success.
4. Training and Development: HR also oversees employee training and development programs. Investing in employee growth enhances skills, boosts morale, and increases the organization’s overall performance. Continuous learning leads to a more adaptable and innovative workforce.

POLICIES

1. Business Focus on Policies: Establishing clear policies is crucial for an organization. Policies set clear guidelines and expectations, ensuring that everyone in the company understands their roles and responsibilities.
2. Consistency and Structure: Policies provide a framework for how various situations, such as sick leave or salary disputes, should be handled. This consistency ensures fairness and transparency within the organization.
3. Setting the Organization Apart: A well-defined set of policies can differentiate a company from its competitors. Clear policies reflect an organized, professional approach, attracting top talent and fostering a positive reputation.
4. Business Focus on Employee Relations: Policies help in managing employee relations effectively. For example, a sick leave policy ensures employees understand their entitlements, which contributes to trust and satisfaction in the workplace.

PAYROLL

1. Business Focus on Payroll Policies: A clear payroll policy is essential for an organization to ensure the smooth administration of salaries, timekeeping, and payment schedules. It provides transparency and clarity for both employers and employees.
2. Accurate and Timely Payments: Payroll policies guarantee that employees are paid accurately and on time. This fosters trust and improves employee satisfaction, ensuring that compensation is handled without delays or errors.
3. Business Focus on Employee Benefits: Payroll policies should include clear guidelines for paid leave, maternity leave, and emergency leave. This helps employees understand their rights and entitlements, creating a more supportive work environment.
4. Tax and Income Deductions: Policies should clearly outline tax deductions and other income cuts. Employees must be informed in advance about how these deductions will affect their paychecks, reducing confusion and potential disputes.

MARKETING

1. Embrace Digital Marketing: As we enter the financial year of 2019, it’s crucial for organizations to adapt to modern methods of selling. Traditional marketing methods are becoming less effective, and businesses must leverage technology to stay relevant.
2. Cost-Effective Digital Marketing: With the rise of social media platforms, businesses can market their products effectively without significant budget costs. Platforms like Instagram, Facebook, and Twitter provide direct access to large audiences, making digital marketing an affordable and efficient option.
3. Engage with Target Audiences: Social media allows for targeted advertising, reaching specific demographics based on interests, behaviors, and location. This ensures that the marketing efforts are more personalized and impactful.
4. Brand Endorsements and TV Advertising: While digital marketing is crucial, traditional methods like movie ads, television commercials, and brand endorsements still play a valuable role in promoting products to wide audiences.

OPERATIONAL BUSINESS PLAN

1. Business Focus on Operational Planning: An organizational and operational plan is vital as it outlines how the company will function. It provides structure and directs the implementation of the business plan, ensuring all tasks are carried out efficiently.
2. Execution Strategy: Without a clear execution strategy, the entire business plan is ineffective. The operational plan defines the “how,” making the strategy actionable and achievable.
3. Business Focus on Long-Term Success: A well-executed operational plan ensures the longevity and success of the organization. Proper planning helps avoid pitfalls and sets a clear path for growth and stability.
4. Impact on Stakeholders: The operational plan affects various stakeholders including lenders, investors, management, and employees. It helps build trust and shows that the organization is organized and capable of executing its goals.

Conclusion

In conclusion, businesses must focus on key areas to succeed in 2019. Cybersecurity protects important data. Bookkeeping ensures accurate financial records. Human resource management keeps employees motivated. Clear policies and payroll systems improve operations. Marketing helps businesses reach more customers. Strong operational planning supports growth. A clear strategy helps use resources wisely and reduce risks. Prioritizing these areas will keep businesses competitive, flexible, and strong in the future. Meru Accounting helps businesses stay financially strong with accurate bookkeeping and efficient accounting solutions. Our expertise ensures smooth financial operations, supporting long-term growth and stability.

Frequently Asked Questions (FAQs)

1. Why is cybersecurity a top priority for businesses in 2019?

• Ans. Cybersecurity is essential to protect sensitive data and maintain financial stability. Businesses must invest in proactive measures to avoid costly breaches.

2. How can accurate bookkeeping help businesses stay financially stable?

• Ans. Accurate bookkeeping helps track expenses and cash flow, ensuring businesses can manage resources effectively. It also aids in identifying areas for cost savings.

3. What role do human resources play in business success?

• Ans. HR is responsible for recruiting, training, and retaining talent, which directly impacts employee satisfaction and productivity. A motivated workforce drives growth.

4. How can Meru Accounting assist with managing payroll?

• Ans. Meru Accounting provides efficient payroll management solutions that ensure accurate, timely payments and help businesses stay compliant with labor laws and tax regulations.

5. How does digital marketing contribute to business growth?

• Ans. Digital marketing allows businesses to reach targeted audiences on platforms like social media, providing cost-effective and personalized engagement strategies.