Three essentials that every Australian small business should do to prepare for EOFY

It’s that time again — end of financial year (EOFY) is fast approaching, which means every small to medium business around the country needs to start making preparations. As owners and entrepreneurs navigate the challenging economic landscape we find ourselves in, there are unique hurdles but also opportunities to get a head-start in FY24. Here’s how.

The current state of play for small to medium businesses

Despite the uncertainties presented by increasing inflation, interest rate rises and supply chain disruptions, small to medium businesses are resilient and adaptable. As the backbone of the Australian economy, small businesses play a vital role in the country’s growth.

But even the most established brands deal with their own unique hardships – from cash flow woes, to seasonal fluctuations, increased competition and changing customer behaviours. And EOFY is when these minor issues can snowball into major problems.

So how can you use this time to your advantage?

Three tips to supercharge your EOFY

1. Take a comprehensive dive into your financials: Before you start drowning in tax-time to-dos, conduct a thorough review of your small business’s financials. That means taking more than just a cursory glance at your profit and loss statements, balance sheets and supplier lists. Reach out to your accountant or financial advisor as early as possible to book in a time to chat. They can help identify any tax deductions or incentives that can benefit your operation.
2. Revise your business and marketing plans: Use EOFY as an opportunity to reflect on your business’s performance over the past 12 months and reassess your goals for FY24. Spend some time updating both your business and marketing plans to align with changing market dynamics and customer trends. Importantly, set goals for the new financial year that you can accurately measure, and develop smart strategies to achieve them.
3. Streamline processes and embrace automation: Take a look at your existing workflows and identify any potential areas of improvement. For the coming financial year, it’s particularly important to explore automation technologies that are relevant to your small to medium business – freeing you up from repetitive accounting, inventory management and customer support.

Why you should leverage EOFY as an opportunity

The term ‘EOFY’ might cause your blood pressure to soar, but it’s more than just a deadline for your SME tax obligations. It also presents opportunities to reflect on your business and scope for the year ahead. Whenever you have a free evening or a few hours on the weekend, spend that time reviewing customer feedback, perfecting your marketing campaigns and assessing how your products and services are performing against competitors. You can then use these insights to refine your offering and strengthen your competitive edge.

FY24 is the time to embrace automation solutions

Automation for SMEs is no longer an ‘if’ but a ‘what’ – that is, what available solutions can streamline your operations, reduce cost and supercharge productivity? Whether it’s cloud-based accounting software, customer relationship management (CRM) systems or chatbots, leveraging the power of automation can help SMEs focus on strategic growth and stay competitive in a rapidly changing market.

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Read now: Streamline your end of financial year