The end of the financial year (EOFY) is fast approaching. Here are some tips for small business owners to get your paperwork in order, and take advantage of the opportunities the EOFY can bring.
It's easy to fall into a panic of planning out your future business goals, but it's really important to take time to reflect on the year that is closing and document your successes. If you documented a plan last year now is the time to dig it out, dust it off, and take stock of your achievements. Did you meet your growth targets? Did you have 100 per cent staff retention? Increase your product line?
Document and celebrate your wins and identify areas where things didn't go to plan. Are those goals still important to you? If they are, think about what went wrong and how you can do better this year. Build out your new business plans using SMART goals so you have a clear game plan for the new year.
This is the part you're probably dreading, but try to make a day to just focus on getting your paperwork in order.
Make sure your filing is up to date and everything is labelled clearly. Chase up any outstanding invoices, and review your insurance options. This is also a great time to consider purchasing any new technology or equipment that will help you succeed next year. Can you digitise any processes that are slowing you down?
It seems obvious, but you're not the only one looking to make the most of the EOFY. Offer your customers something special to compel them to lock in business with you now. It could be securing a service at this year's rate instead of next year's, or offering a discount for a future booking.
This is also a great time to say thank you to the customers who have helped you secure success this year. Whether it's a thank you card in the post or a quick email, don't forget to remind people why they love doing business with you.
This is a great time to create a calendar of the big events coming up in your industry. Whether it's corporate seminars, fields days, markets or training opportunities, lock them into your plans now so you can budget for them ahead of time. While you're at it schedule in time throughout the year to focus on admin so you're not caught rushing to complete your BAS or sort out your paperwork at the last minute.
Consider doing a competitor analysis so you can see what other businesses are doing in your space. Where are they advertising? Do they have a phenomenal website that drives their business? Are they great at building relationships? Don't be afraid to learn from your competition so you can continue to grow and meet your market. It might be time to create a business or marketing strategy to make sure you're still top of mind with your customers.
Most importantly schedule in some down time. Your business needs you in top condition to be successful, and holidays are important to help you recuperate both physically and mentally.
While you're taking stock of how far you've come, make time to really consider how you're going to grow in the next financial year. Consider adding new staff to the books or taking on an apprentice. It could be time to invest in training for yourself or your staff, whether that be in admin, or new systems, or up/cross-skilling in new areas. It might even be time to think about taking on a business mentor to really help you focus, hone your skills, and grow your capabilities.
Investing your tax refund back into your business to help it grow is a great way to ensure your success in the new year, and for years to come.
TAFE Queensland has a huge range of courses to help small business owners get the most of their talents and their staff. Contact a business development manager in your local area for free advice today.