Start the new financial year off right!

July officially marks the start of the new financial year. That makes it the perfect time to start tackling your new year’s business goals.

Small business owners often wear many hats; from bookkeeping to management to HR, running a smooth operation is no mean feat. That is why it is important to use the new financial year as an opportunity to reflect on business processes that take up the most time and are the most stressful and seek out solutions for these. There are endless amounts of apps, platforms and providers that offer automated, affordable, and efficient fixes to the most common and frustrating pain points. If a process such as single touch payroll is causing you grief every week, investigate an accounting software such as Xero that automates the report for you.

It is key for businesses to have processes in place to continuously model and monitor cashflow. The better you and your team understand the cashflow, the more agile they can be, not only to manage the finances but to also take advantage of opportunities as they arise. A lack of planning or adopting a ‘set and forget’ mindset is likely to result in poor decision making and missed opportunities.

If it has been some time since you first created your business and marketing plans or if you have not yet got them set in stone, this could be the perfect time to review them. By updating your plans, you can reflect on what you have already experienced so far. Make sure you get specific about what it is that you wish to achieve.

As a business owner you are exposing you and your company to certain risks. To protect yourself against any of these potential threats, it is imperative to have the right insurance in place. Remember that all companies will vary with their needs, so be sure to seek the right advice when choosing your insurance. If you have some in place, it may be time for a review of these to make any adjustments necessary.

Taking decisive action is always better than doing nothing at all. As a leader, do not allow yourself to become paralysed by uncertainty. Be empathic, authentic, and purposeful in your decision making by balancing strong leadership and vulnerability. Teams will always appreciate seeing your human side.

If you love learning and see the benefit to your career and business progression, why not plan and make note of any work-related training you would like to complete? There are countless training companies, universities and TAFEs offering short courses and qualification of all kinds. LinkedIn learning also has a huge range of business courses. This is also a great way to invest in your team and give back to them. Training is a great way to stay connected as a team and keep up to date with the latest skills, practices, and knowledge.

When you are working in your business, it can be hard to find time to work on your business. There is usually at least one element of your business you have been wanting to change but have not found time for yet. You might have been meaning to upgrade your website, book repairs or equipment upgrades, reach out to clients you have not heard from for a while or look for a better deal for your business insurance or banking. Do the one thing that you have been avoiding!

 A new year inspires renewed energy and excitement for what the year ahead could bring. It is a fresh start and a perfect time to reflect on the past and plan for the future. Kick things off with a bang to help ensure growth for your business this financial year.

The Money Edge | Ashleigh Baldwin | Bundaberg