Business Advice: Financial year end – a great time to review your business!

Article by Jane Tweedy, Business Advisor, Western Sydney Business Centre

With another financial year end over, it’s a great time to review where your business is at, and where it’s going.

 

Accounting and tax

If you don’t know where your business is at for the year, your bookkeeping may need addressing. You may need to engage external help and/or move to an accounting system. Remember your accountant is not responsible for your tax return accuracy – it is you! If you’re not sure about something, ask, and remember they’re human – they may not be right!

 

Strengths, Weaknesses, Opportunities, Threats (SWOT)

Evaluate the wins you had in your business and the strengths that you can leverage off. Weaknesses (including not hitting financial plans) either need to be accepted or taken as an opportunity to improve in 2017/18. Opportunities and threats are typically external to the business, and monitoring allows us to avoid a Kodak moment!

 

Business structure

Is your business structure still best for your business? Many start out as a sole trader or partnership, however with the ATO tightening up on what is deemed an employee versus contractor, it can remove the issue when someone hires you to provide a Business to Business (B2B) service if you are a company.

 

Pricing and packaging

When did you last put up your prices? Have your costs increased? Do you price your labour into your product or service correctly? Can you package to provide more value, but using less labour? Can you create products to complement your offer?

 

Client debts

Are you on top of your customers paying? Check out the CollectMore 2.0 app if this is a problem for you. Without money (cashflow), your business will struggle.

 

Forecasting and planning

Take this time to update or create a living business plan, to help you achieve your goals and allow you to make conscious decisions. For instance it may be time to seek external help.

 

If any of this makes you feel uncomfortable, it’s a great time to utilise the services of a business advisor. Business Connect funds four hours of advice for all small business owners – please make sure you utilise this service!

 

 

Related posts

Christmas shopping trolley with gifts

Sales Season Tips for Success Amidst Rising Costs

Reading Time: 1:56 min

As the festive season approaches, retailers are gearing up for the annual Christmas sales and New Year bonanza. However, this year’s shopping landscape is significantly different from previous years due…

View post

Embracing The Power Of Training

Reading Time: 1:41 min

Now that the festive season’s is done, and the dust of New Year’s resolutions has begun to clear, it’s time to refocus our energies. As we ease back into the…

View post

Kick-off 2024 with Time Management Strategies for Small Business Owners

Reading Time: 2:37 min

It’s easy to feel overwhelmed if you’re running your small business alone. But with the right time management strategies, you can take control of your schedule and focus on your…

View post

Sustainability and consumer behaviour in 2024

Reading Time: 1:30 min

In the world of business, understanding and adapting to consumer behaviour is a crucial step for small business owners to stay competitive and relevant. As we move into 2024, several…

View post

Lessons learnt in 2023

Reading Time: 1:49 min

As we bid farewell to 2023, let’s reflect on the highs and lows of the local marketplace, and focus some valuable lessons help further improve business relicense as move into…

View post

Seasonal Marketing Ideas: 5 Tips to Boost Year-End Sales without Overspending

Reading Time: 2:11 min

As the year winds down, small business owners often find themselves in a common dilemma. The festive season is a golden opportunity for sales, but the challenge lies in capitalising…

View post

Our Channels

Correspondence: PO Box 4029, Penrith Westfield NSW 2750

Office Locations

We have Advisors available to meet you in our head office in Western Sydney and we also offer a mobile service to your place of business. Online sessions are also available.

Head Office
Suite 1, Level 1, 111 Henry Street,
Penrith NSW 2750

Area’s Serviced: Penrith, Hawkesbury, Blue Mountains, Blacktown, Hills, Fairfield, Liverpool, Campbelltown, Wollondilly, Camden, Cumberland and everywhere in between.