We’re almost at the end of the financial year… (where has the year gone?!)… and with COVID-19 restrictions beginning to lift and many businesses reopening, now is the perfect time to show your business a little love so you can leap into the new financial year!
- Give your business a financial health check – Review your financial statements and understand the numbers. If the thought of this makes you break into a nervous sweat, enlist the help of your accountant to take you through it – they love crunching numbers!
- Do you have any outstanding debtors you need to follow up?
- Do you have any work in progress which should be invoiced?
- How much profit has your business made over the past year?
- Do you hold stock? Do you need to do a stocktake?
- Prepare a budget for the new financial year – Your budget will help you set your financial objectives for the year ahead. If budgeting isn’t your thing, enlist the help of an expert to not only assist you in putting together your budget but importantly keep you accountable! As I’ve discussed previously, accountability is the key to success.
- Review your business structure – Is your current business structure appropriate for your plans for the new financial year? If not, the start of the new financial year can be a good time to make the change.
- Review your BHAGs (Big Hairy Audacious Goals) – What were your BHAG for 2020? Where are you at? Do you need to pivot a little (or a lot) or perhaps revise your targets after the events of the last few months? You’ve still got 6 months of 2020 to go – that’s plenty of time to chalk up a few more wins. Want to read more on successfully goal setting for your business, check out our prior blogs.
- Revisit your business and marketing plans – Remember that business and marketing plan you enthusiastically put together months ago but you haven’t looked at since? Now is the perfect time to review and, if required, reconsider your business and marketing strategy.
- Check your insurances – Is your business sufficiently insured? Your business is an asset and like all valuable assets it is important to protect it against unforeseen risk. Speak to your insurance broker about what sorts of insurances you should have for your business and if you already have them review the limits.
- Review your record keeping and compliance obligations and ensure that they’re current – The end of financial year is the perfect time to tidy up your business records and make sure you’re up to date with any compliance obligations.
- Review your legals – Shameless plug! Are all your terms and conditions and supply, customer and employment contracts up to date and legally compliant? Unsure? Enlist some help in getting these things sorted.
- Back-up and secure you data – It might sound simple, but many small businesses do not have regular back-up procedures to secure their data. Back-up your data and put a procedure in place where you do this regularly.
- Celebrate your wins – It’s so easy to get caught up in being busy that you forget to celebrate your achievements. Take some time out, especially as we start to come out of what has been a difficult few months for many, to acknowledge yourself and your supporters.
Happy New (Financial) Year!
What tasks are you hoping to tick off that ‘list’ before 30 June 2020? We’d love to know and if we can help, especially in getting your ‘legals’ up to date, please contact us.