1. Reflect on the past year.
The start of the new financial year is a good opportunity to reflect on the year just finished. Take the time to analyse what progress has been made over the last 12 months and where your business stands today. Ask yourself things like
Also look externally to areas such as your relationship with suppliers. Is there opportunity for increase collaboration or should you be looking to form new relationships? What are your competitors doing? How do you stay ahead and maintain innovation in your business?
By taking stock of the past financial year and asking yourself these types of questions you are better prepared to tackle the year ahead.
- What did my business do well?
- What can my business improve on?
- Did my business achieve last year's financial objectives? Why/why not?
Also look externally to areas such as your relationship with suppliers. Is there opportunity for increase collaboration or should you be looking to form new relationships? What are your competitors doing? How do you stay ahead and maintain innovation in your business?
By taking stock of the past financial year and asking yourself these types of questions you are better prepared to tackle the year ahead.
2. Look around for new ideas.
Once you have a good grasp of the past financial year, you are then in a better position to look around you for ideas to incorporate into your plans for the new year.
These new ideas could be ways to increase revenue or cut costs. On the revenue side these ideas could cover new products or services, customer service ideas or marketing initiatives. On the cost side ideas could centre around supply chain or product sourcing efficiencies.
Inspiration could come from your closest competitors, business in similar markets overseas or even business in other industries. What are they doing that's working well? Can you incorporate aspects into your business. Also ask yourself what are they not doing? Are their opportunities out their that your competitors are not taking advantage of?
These new ideas could be ways to increase revenue or cut costs. On the revenue side these ideas could cover new products or services, customer service ideas or marketing initiatives. On the cost side ideas could centre around supply chain or product sourcing efficiencies.
Inspiration could come from your closest competitors, business in similar markets overseas or even business in other industries. What are they doing that's working well? Can you incorporate aspects into your business. Also ask yourself what are they not doing? Are their opportunities out their that your competitors are not taking advantage of?
3. Update your plan.
You've looked back at the past year and looked around for new ideas, the next step is to plan for the year ahead. The first task is to set new goals and objectives for your business. These could be financial objectives, marketing objectives, employee objectives, anything that you want to work on in the next year that will improve your business.
Once you have a set of objectives the next step is to prepare a plan for implementation. When will certain activities will need to take place and what are the key dates to ensure objectives maintain on track to be achieved?
Another thing to consider is government programs designed to help small business. Check out business.gov.au to see if you qualify for advice from experienced business experts.
Once you have a set of objectives the next step is to prepare a plan for implementation. When will certain activities will need to take place and what are the key dates to ensure objectives maintain on track to be achieved?
Another thing to consider is government programs designed to help small business. Check out business.gov.au to see if you qualify for advice from experienced business experts.
4 Get your tax done quickly.
The end of financial year is a busy time for many business but it is important to take care of tax matters quickly.
One advantage of getting your tax affairs in order sooner rather than later is that you can get a better idea about the amount of tax you will have to pay/have refunded which will be important for cash flow planning.
Another advantage is that you will able to sit down with your account and go over plans for the next financial year. As part of your tax planning you may want to discuss the $20,000 instant asset write off and other small business initiatives announced as part of this year's Budget.
Getting on to your tax quickly will also ensure you don't miss important deadlines including BAS and superannuation lodgement due on July 28.
One advantage of getting your tax affairs in order sooner rather than later is that you can get a better idea about the amount of tax you will have to pay/have refunded which will be important for cash flow planning.
Another advantage is that you will able to sit down with your account and go over plans for the next financial year. As part of your tax planning you may want to discuss the $20,000 instant asset write off and other small business initiatives announced as part of this year's Budget.
Getting on to your tax quickly will also ensure you don't miss important deadlines including BAS and superannuation lodgement due on July 28.
5. Stay close to your employees
The end of the financial year presents a good opportunity to provide feedback to employees on how the business is performing and how they have helped achieved the results. Employees will appreciate this opportunity and feel valued for being acknowledged. Share plans for the next year as well and make sure they know they are critical to achieving the following year's business objectives.
Having a committed team of employees that have a clear idea of where the business is heading makes the likelihood of business success far greater.
Having a committed team of employees that have a clear idea of where the business is heading makes the likelihood of business success far greater.
6. Embrace Technology
If you haven't yet, then you should plan for this year to be the one that fully embraces the move to the digital economy. Consider areas where you could save time and cut costs:
- Have you embraced social media?
- Do you have an online store?
- Is your website mobile friendly?
- Do you do your accounting online?
- Have you thrown away your cash register for a POS system?
- Is there an app that can replace manual/repetitive tasks or improve processes?
7. Celebrate the past year's success
Running a small business is no easy task and sometimes it is hard to find time to take a break. However taking time out is critical to recharge both physically and mentally. Ensure your celebrating key business wins along the way. Make employees part of that celebration. Doing this will renew your energy and focus and make employees feel valued and acknowledged. It will help you achieve greater success in the financial year ahead.