Happy End of Financial Year everyone! Let’s just cut straight to the chase because we’ve got some new financial year resolutions for you to reinvigorate your business. It’s this point in the year when business owners can feel a little drained and unsure of which business steps to take to move forward.
At Aspect Accountants and Advisors West Perth, we’ve put together some easy to follow steps to help grow your small business. Check them out below.
Do a financial year health check on your business with your accountant!
Your accountant will be able to help you do some basic calculations and provide some advice on your business liquidity and cashflow, profitability and return on your investment.
Comparing your current year figures to previous years will help to get an idea of how your business is tracking.
If you’d like to book a consult give our West Perth Office a call on ph: 9227 9400
Revisit your business plan and strategy
It’s always a good idea to do your research on your current market and where it is heading.
Are there any new technologies, trends or industry changesyou should know about? How will these effect your current business performance?
At Aspect Accountants and Advisors, we specialise in Perth business strategy and identifying your business strengths and weaknesses. We offer an independent view of your business and help you to re-evaluate your business plan and strategy for the new financial year.
Review your businesses profitability and KPI’s (key performance indicators)
If you have taken the steps to do a financial health check on your business with your accountant, opportunities and threats that may impact on your business may have been identified. You may choose to re-evaluate factors such as:
- Staff Productivity
- Pricing and Profit Margins
- Production Processes
- Overhead Costs
As well as improving financial performance, your accountant will be able to help you identify effective tax structures and strategies moving into the new financial year to ensure that your business is able to retain as much of the profit as possible.
How effectively is your company achieving its business goals? When was the last time you reviewed your business KPI’s? Now is the time to go through your high level and low level KPI’s and what you wish to achieve for the new financial year. Have you followed the “SMART” Criteria of a KPI?
SMART: Specific, Measurable, Attainable, Relevant, Time-bound
- Is your objective Specific?
- Can you Measure progress towards that goal?
- Is the goal realistically Attainable?
- How Relevant is the goal to your organization?
- What is the Time-frame for achieving this goal?
Do you want to grow your business but don’t know how? At Aspect Accountants and Advisors Perth, we can help you to define your KPI’s based on your personalised business health checkbased on your specific business objectives. The process is a 12-month program at a minimum to allow you time to implement and achieve the objectives.
If you’d like to book a consult to discuss show we can help your business grow give our West Perth Office a call on ph: 9227 9400
Grow your digital footprint
“According to the annual Asia-Pacific Small Business Survey there is a strong link between technology and business growth, with businesses that are selling products and services online, using social media and investing in technology being significantly more likely to grow than other similar businesses.”
If you don’t already have an online presence, it’s time to get started! A great website and social media presence can open your business to a much larger pool of potential clients. If you already have started your online journey, how can you increase your online exposure in the new financial year?
Get organised with your accountant – make sure you start fresh and stay organised with your record keeping!
There is nothing worse than going back through unfiled records at the end of the financial year. It’s much easier, not to mention a lot less stressful to stay on top of your business paperwork. The ATO has identified the most common mistakes they see at the end of the financial year including;
- Failure to record cash income and expenditure
- Failure to account for personal drawings
- Failure to record goods for your own use
- Failure to separate private expenses from business expenses
- Failure to keep valid tax invoices for creditable acquisitions when registered for the goods and services tax (GST)
- Failure to keep adequate stock records
- Failure to keep adequate records to substantiate motor vehicle claims
We recommend going through each of these points with your accountant early in the financial year to ensure you are keeping accurate records. This will save you time and money in the long run!
All the best with your new financial year goals!