Before you dive headfirst into the new financial year, why not take stock, dust off your finances, and use these five strategies to kickstart the new financial year.
1. Streamline your systems
Are you doing things the way they’ve always been done? The new financial year is a great time to take a critical look at your business systems and processes to improve efficiency.
Consider if there are technologies you could utilise to simplify or automate your processes. You may even find bottlenecks or duplications that can be bypassed.
2. Get insurance
Do you know what your compulsory insurance requirements are?
Get a better understanding of what’s required by visiting the Australian Government’s business website. It also explores a range of other insurances that you may want to consider. For example, there is personal insurance to protect your income in case you become too sick to work, you may want to consider the options available to you.
Even if you are already insured, do some research to see if there are better deals to be had.
3. Plan your tax
Do you understand your industry’s regulatory obligations and entitlements?
The start of July is a perfect time to develop your strategy for the new financial year and map out how you can make the most of government concessions, deductions and asset write-offs.
To help with your tax planning you should calculate your cost of doing business. Determine what areas are highly profitable and give more time and energy to them. To help grow your business make sure you are regularly analysing your profit and loss and tracking your revenue to ensure you have adequate cash flow.
If you want some help in this area, get in touch with your accountant. They can help you put a system in place to keep your tax records organised throughout the year.
4. Track business performance
Do you effectively identify problems before they arise?
Tracking your business performance, cash flow and trends can help you identify problems before they get a hold on your business. Start getting on top of things by analysing past data to identify what worked and what didn’t work. You’ll want to look for highs and lows in sales, turnover, and productivity to make sure you are getting the full picture.
5. Develop growth strategies
Have you got growth strategies in place?
Now you know how your business is performing, you can look forward and find ways to grow. Always ensure you have the resources to support whichever growth strategies you choose to adopt. Consider whether you need to invest in staff, supplies or equipment to reach your goals.
Now it’s time to update your business plan and regularly review it to stay focused on where you are heading this financial year!
If you need help growing your business and realising your goals this financial year, get in touch with us today.