Welcome to a new financial year! Now is the ideal time for businesses to get motivated about setting new business goals for the year ahead. Using a new financial year to reassess the structure of your business and to weed out any potential problem area is an effective time to do so.

Below are four tips for businesses to gear up for a successful new financial year:

Stay Organised & Know Your Cash Flow

Having a plan around your deadlines and looming payments helps reduce stress and allows the business owner to get onto of everything. Having a monthly or quarterly planner is incredibly helpful to your business, allowing you to map out important due dates in relation to tax obligations and allowing your business to save for larger contributions. The beginning of new financial year is also a great time to prepare a budget for the upcoming year, using the knowledge of your business to stay afloat during the trickier months.

Review your Marketing Plan

It is always essential to review your marketing plans for your business as these tools allow your business to grow and expand. Reviewing your templates and software tools allows you to refresh whilst also implementing any new innovations to help market your brand/market in the next financial year and beyond.

Getting to know your Customers

A lot of businesses roll into each financial year without hesitation, often repeating errors. It is important to take the time to get to know your customer base, get a deeper understanding of your customer’s needs, empowered by data. Reflect on what the business did well or didn’t do well when it came to meeting customer’s needs and implementing necessary changes.

Protect Yourself (and your business)

As a business owner you are exposed to potential risk for yourself and your business. Ensuring you have the right insurance in place is important in order to minimise any risk. Be sure to seek the right advice when choosing the right insurance for your needs.

If you would like to discuss getting advice on getting your business ready for the new financial year, please contact PJT at enquiries@pjtaccountants.com.au or call us on 07 5413 9300.