Small business tips for EOFY

Tiana Barns
Communications Coordinator, Xero 

With the winter months fast approaching we gathered some top tips from a few of our XPAC partners to help your business get ahead this EOFY.

James Webb – Managing Director, Link Strategies Group

  1. When starting a new business, thoroughly research your market. Know your competition and learn from them. Firmly make up your mind the type of business you want to be, and how you want others to perceive you.
  2. Work on your online presence. So much new business these days comes from online searching or engagement. Make sure when people look for you, your website conveys authority, and you work your online review platforms.
  3. Have an accountant who recommends and uses cloud accounting packages. Also, make sure they are offering a package which gives ongoing and organised advice to not only assist your tax situation, but help bring value to your business.

Robin Allardice – Director of IT and Innovation, Bentleys

  1. Plan what you want to achieve for the year, determine how you are going to measure your achievements and hold yourself accountable (or get someone else to).
  2. Keep your administrative tasks up to date, you can help yourself with this by automating as much of it as you can.
  3. Invoice regularly and follow up debtors.

Megan Faraday-Bensley – Director, Prosperity Advisers Group

  1. Time is a limited commodity. To do new things and create new habits, you need to stop doing activities and bench old habits.
  2. Do you do things that others could do? Focus on delegation. Leverage the time of others to get tasks progressed. Only get involved when they’ve advanced to a stage where they need your input.
  3. Cease and desist from doing repetitive tasks. Take advantage of technology and start automating repetitive processes.

 

Check out Megan’s full post here.

Gabrielle Osborne – Practice Manager, Premium Business Group

  1. Success starts with you. Owning a business has never been easy but – in the constantly connected, 24/7, global environment that we operate in today – ensuring you prioritise your well-being is not only vitally important but also incredibly challenging.
  2. Do a technology tune-up. When was the last time you reviewed the systems and technology in your business? There are constant updates and new players that improve and often cheapen the price of technology.
  3. Purge pain points. As anyone who runs their own business knows, it’s easy to get tangled up managing the day to day, lurching from one mini-catastrophe to the next, ignoring the bigger vision you have. The new financial year is the perfect time to step back and look at your flows of frustration that waste time and energy. Then you can put measures in place to stop them recurring.

 

Here’s Gabrielle’s new financial year resolutions for your business.

Tanya Titman – Managing Director, Consolid8

  1. Start the new financial year on the right foot with a budget for your business. Ninety percent of small business owners don’t have a budget in place. I believe a budget is the foundation of successful financial management.
  2. Review and analyse all your financial statements. Make an appointment with your accountant or bookkeeper, then go through your Profit & Loss and Balance Sheet line by line, ask questions, and make sure you understand every entry.
  3. If you plan to grow your business, having a system for managing cash flow will be critical to your success. I suggest forecasting at least 12 weeks in advance to show you when and how much extra funds you will need.   

 

See Tanya’s full blog post here.

Natasha Sampson-Ly – Director, Tashly Consulting

  1. Be organised! Start working towards the EOFY processes well before EOFY arrives. Keeping your accounts up to date may help discover any issues that need resolving well ahead of the deadline. Keep up to date with reconciliations for the key financial items, such as your payroll and tax obligations.
  2. Have a plan! Knowing your obligations, and when they fall due, can set you up to ensure you have met all your requirements with enough time. Did you know that you need to pay your employee Super well in advance of 30 June to claim a tax deduction in that year, even though they aren’t legally due until 28 July?
  3. Seek improvement. EOFY is a great time to reflect on how your business and its processes operated the prior year, and to set intentions for the new year. Are you currently getting the most out of your accounting software? Most importantly – keep calm.

Karla Hourigan – Systems Advisor, Infinesse

  1. Get the right tools. Using the right stack (or set) of cloud tools can truly enhance the way you conduct your business. With thousands of different apps, the hardest part can actually be making the right choices.
  2. Do what you do best. Stop trying to be the jack of all trades and start building partnerships with the right people with the right skills that can take on some of the workload and help you achieve your goals. Remember why you went into business and do what you do best!
  3. Stay ahead of the game. Get on top of your finances now and make sure you keep everything up-to-date this financial year. Don’t let anything fall behind the eight ball because we know where you’ll end up by next 30 June, snookered!

What else do you need to think about? The answer is simple really – just start.

 

Check out Karla’s full post here.