5 New Year’s resolutions every limited company contractor should make

New Year's resolutionWith the New Year fast approaching, now is a great time to plan ahead for the progression of your limited contract business. As a limited company contractor, you have the power and the professional image to stay ahead of many self-employed sole traders. Registering as a limited company or even switching from umbrella to limited unlocks a number of plus points for professionals serving all industry sectors.

Read on to discover five New Year’s resolutions every limited company contractor should make as they mark the beginning of another exciting year as a contract business owner.

Find the business support you need

Support comes in all forms throughout the business world. Whether you are just starting out as a limited contractor or are an established company in your field, it’s important to understand that help is out there.

From calling on the surrounding business community via your local Chambers of Commerce to collaborating with dedicated organisations like the National Federation of Self Employed & Small Businesses (FSB), you can get the funding and support you need courtesy of a variety of government-backed and privately-financed schemes. Discover more about the support available for fledgling contract businesses by reading our essential guide.

Make plans to boost your skill set

Make 2019 your year for improving the skills and enhancing the qualities that make your business an attractive choice for would-be or existing clients. Updating your skills unlocks several benefits, particularly for limited company contractors moving in fast-paced markets like the IT sector. Here the BCS, the Chartered Institute for IT, reveals why continuing professional development is important:

“For an IT contractor wanting to maintain his marketability, learning new skills is essential. It makes sense to commit to a programme of continuing professional development (CPD). CPD is the systematic updating and enhancement of skills, knowledge and competence that takes place throughout working life. Its emphasis on systematic development and the comprehensive identification of learning opportunities provides a framework within which both formal and informal learning activities can be set.”

Maximise your income as a contractor

As well as improving your skills to win more clients in your field, a better trained and more experienced limited company contractor has the potential to earn much, much more. Your day rate will be set based on the skills you have, so don’t forget to up your rate if you add to your skills or gain more experience.

Make the most of being your own boss

There are many perks that go hand-in-hand with being your own boss and running your own limited company as a contractor, one of which is becoming one step closer to a better work-life balance.

The freedom and flexibility that accompanies many contract roles shouldn’t be underestimated, so make sure you enjoy all the perks with those closest to you. This might mean taking more time off over Christmas, setting more time aside for a holiday come the summer, or simply finishing on time to spend precious moments with your nearest and dearest.

Get your finances in order

The world of business finance can be a confusing thing without the right advice or support. Make 2019 the year of jargon-free finance management with a little help from our team. We offer a plethora of finance solutions for both contractors and small business owners. Delivered across two pay monthly accounting packages – namely Premium and Premium Plus – you can access the hassle-free, flexible, professional, tax-efficient and business-focused support you need.

Discover more about our accounting packages by browsing your options here, or contact our team direct to discuss your unique requirements.