New Year Resolutions – how did you score?

Twelve months ago we offered three simple tips that involved minimal effort but offered huge payback.  How many of them did you do?  To remind you, the tips were:

  • Make a Will – or your nearest and dearest may face endless problems on your untimely demise.  Hardly anyone plans their death.
  • Set up a Power of Attorney – another simple document which unfortunately can’t be set up when it’s “too late” and you have lost mental capacity.
  • Get a (proper) pension – your Auto Enrolment pot is better than nothing but where you do you want to go on your annual retirement holidays – Barbados or Bridlington?

So how did you score?  If the answer is “not many” and they all went the way of those good intentions (lose weight, stop smoking, take more exercise) which didn’t make it to the end of January, the good news is that these three tips are still just as effective now (but only if you do them)!

And here’s a new Jolliffe Cork tip for anyone in business to adopt as their one and only New Year Business Resolution for 2019:

“Take an interest in your own business”.

It might look a little odd but an alarming number of business people allow their businesses to run them and simply accept the financial result with a shrug of the shoulders.  So what should you be interested in?  Try these five questions:

  • Do you know which of your products/services make you the most profit?
  • When did you last have a systematic review of all your overheads to see if all your suppliers are offering value for money?
  • How long on average do your customers take to pay?
  • Why do your customers buy from you instead of your competitors?
  • Do you discuss ways of saving tax with your accountant?

Well done if you scored 4 or 5 – there is a fair chance you will survive the storms of 2019 that lie ahead:  Brexit, Making Tax Digital, an inevitable economic downturn and that’s just for starters.