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!
Connect with Primasia Corporate Services Limited
Hong Kong Headquarters: Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wan Chai, Hong Kong