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.
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