Since 1987 Primasia has
helped thousands of overseas and local clients set up their companies in Hong
Kong and China, including entrepreneurs, consultancies, manufacturers, trading
firms, start-ups and SMEs. Our experts have extensive experience in the
corporate services industry and provide efficient, responsive and high-quality
support to our clients. And now, as we approach the end of 2019, we suggest
business owners turn their attention to planning for 2020. Planning the future is always a
daunting task, but it’s perhaps particularly worrisome for 2020. The economy is
booming- but, `tariffs, global recession fears, and political upheaval all remain
to complicate the forecast for many companies.
No matter if
you’re just hoping to hold steady or hoping for expansion in the coming year,
proper budgeting can help every business accomplish their goals. So, read on
for a couple of budgeting tips to keep in mind as we head into 2020:
Focus on your Emergency Fund
Every
company should have an emergency fund for those unexpected costs that pop up,
but it may prove even more vital to have in 2020. An emergency fund can help
get your company back in action right away after a disaster- in fact an
emergency fund may be critical. According to FEMA, 90% of businesses that don’t reopen within five days
of a disaster will fail within a year. So, as you can see, planning for the
“what if’s” may prove to be the best business decision you can make for the
coming months.
Pinpoint what investments return the best ROI
ROI, or return
on investment, is something you should consider at every level of your company.
ROI is especially important for small businesses or those with limited funds.
When every dollar counts, ROI takes on an even greater importance. For example,
experimenting with marketing - like social media marketing, or influencer
marketing - could make sense for your business. These types of campaigns can
build your brand, and help acquire new customers. Be that as it may, there are
other forms of marketing that are proven to have a better ROI- like email
marketing. Surprised? Research shows that email marketing has the best ROI of
any marketing tactic because it focuses on things like retaining existing
customers and turning them into dependable buyers.
Take this
mindset into all levels of your company. What’s
going to have the better ROI this month, this quarter, this year?
As a Silver
Partner of Xero, Primasia is uniquely set up to help your
business transition to Xero, provide Xero training if needed, and assist with
audit and tax filing as well as help you understand how your business is
performing. We have over 30 years of experience of helping companies from
across the globe to set up successfully in Hong Kong, China and other offshore
jurisdictions. Contact us today for assistance with your cloud accounting and
business needs and we’ll help you put your best foot forward for future
financial success!
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Connect with Primasia Corporate Services Limited
Hong Kong Headquarters: Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong
Website: https://www.primasia.hk/
Twitter: https://twitter.com/PrimasiaHK
Credit: Prosperity Research Digital Agency(PRDA): PRDA's Founder Douglas White developer of proven 5 step, 4 KPIs process of Social Media Marketing.
