For many small business owners, the end of financial year means tax time.
There are receipts to organise, reports to check, invoices to follow up, payroll to finalise and conversations to have with your accountant.
But EOFY is also a great time to step back and look at your business as a whole.
A lot can change in 12 months. Costs go up, customer behaviour shifts, systems get outdated and small problems can slowly turn into bigger ones.
Before the new financial year begins, it is worth taking a little time to review what is working, what needs attention and where your business could be stronger.
Here are 10 practical areas to look at before 30 June.
1. Pricing
Pricing is one of the easiest things to avoid, but one of the most important things to review.
If your supplier costs, wages, rent, freight, insurance or software costs have increased, your profit margin may not be as healthy as it was last year.
EOFY is a good time to look at your main products or services and check whether your pricing still reflects the time, cost and value involved.
You may not need to increase every price, but even small adjustments can make a big difference over the next 12 months.
2. Profit margins
Sales are important, but profit is what keeps your business sustainable.
Your best-selling product or most popular service may not always be the one making you the most money.
For product-based businesses, this could mean reviewing supplier costs, packaging, freight, stock levels and slow-moving products.
For service-based businesses, this could mean looking at how much time each service actually takes, whether extra work is being added along the way, and whether your packages are still priced correctly.
Understanding your profit margins helps you make better decisions about what to promote, change or let go.
3. Subscriptions and software
Most businesses pick up extra software over time.
It might be a booking system, design tool, email platform, website app, AI tool, accounting software, CRM or cloud storage plan.
Individually, they may not seem like much. Together, they can become a significant monthly expense.
Before 30 June, review what you are paying for and cancel anything you no longer use. It is also worth checking whether you are paying for two tools that do the same thing.
This is a simple way to reduce unnecessary costs without affecting your customers.
4. Cash flow
A business can be profitable on paper and still feel short of cash.
EOFY is a useful time to look at when money comes in, when money goes out, and whether there are certain times of year where things feel tighter than they should.
Late payments, large bills, quiet trading periods and seasonal expenses can all affect cash flow.
Once you understand the patterns, it becomes easier to plan ahead, adjust payment terms and avoid last-minute pressure.
5. Overdue invoices
Unpaid invoices can put unnecessary strain on your business.
Before the new financial year begins, review any outstanding invoices and follow them up clearly and professionally.
This is also a good time to improve your payment process. Deposits, shorter payment terms, automated reminders and easy payment links can all help customers pay on time.
The smoother your payment process is, the better it is for your cash flow.
6. Payroll and super obligations
EOFY is also an important time to check your employer obligations.
If you have employees, make sure payroll records are accurate and that Single Touch Payroll finalisation is completed on time.
The ATO advises that STP finalisation declarations are generally due by 14 July each year: https://www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/single-touch-payroll/start-reporting/end-of-year-finalisation-through-stp
It is also a good time to check super, leave balances and employee details before the new financial year begins.
7. Insurance
Your business may look different now compared to this time last year.
You may have added new services, purchased equipment, changed locations, hired staff, started selling online, introduced workshops or increased your stock levels.
If your business has changed, your insurance may need to change too.
EOFY is a good reminder to check whether your cover still matches what your business does now.
8. Website and online presence
Your website is often one of the first places people go to check whether your business is current and trustworthy.
A full rebuild may not be needed, but small updates can make a big difference.
Check that your services, prices, contact details, opening hours, testimonials and key pages are up to date.
Removing outdated information, fixing broken links and adding recent examples of your work can help your business look more active and professional.
9. Customer follow-up
Many businesses spend a lot of time trying to attract new customers, but do not always follow up with the customers and enquiries they already have.
Past customers, warm leads and old enquiries can be a valuable source of repeat business.
A simple follow-up process might include checking in after a sale, asking for reviews, re-contacting past customers, sending helpful emails or following up on quotes.
Good follow-up helps build stronger relationships and can bring in more business without always starting from scratch.
10. Priorities for the new financial year
EOFY can highlight a lot of things that need attention.
Instead of trying to fix everything at once, choose a few clear priorities for the next financial year.
Your priorities might include improving cash flow, increasing prices, updating your website, setting up better systems, growing your email list, improving local marketing or reducing admin time.
The goal is not to have everything perfect by 1 July.
The goal is to start the new financial year with more clarity, better direction and a plan for what matters most.
For more practical tools and guidance, visit the Western Sydney Business Centre small business resources page: https://wsbusiness.com.au/resources
You can also view the business.gov.au end of financial year checklist here: https://business.gov.au/finance/yearly-financial-tasks/end-of-financial-year-checklist
Need help reviewing your business?
EOFY is a great opportunity to look at where your business is now and where you want it to go next.
If you are not sure what to focus on first, speaking with a business advisor can help you identify your priorities, spot gaps and create a practical action plan for the year ahead.
Western Sydney Business Centre works with small business owners across Western Sydney to help them build stronger, more sustainable businesses.
You can explore our business advice services here: https://wsbusiness.com.au/services/business-advice/
Book a session with Western Sydney Business Centre and start the new financial year with a clearer plan.
