5 ways small business owners can set up for success in the new financial year

- July 18, 2023 2 MIN READ
happy female business owner in clothing store

As a business owner, does the end of the financial year period stress you out? While the daunting task of completing your EOFY checklist by 30 June is now behind us, it’s important to continue the momentum of preparation and planning into the new financial year, writes Aly Garrett, founder of All in Advisory and member of Xero’s Partner Advisory Council.

Not only will this set you up for an even more fruitful year of business, having your affairs in order now will help avoid the stress when the next financial year rolls around.

Here are the top five ways you can get organised:

1. Prepare and reassess

“The best preparation for tomorrow is doing your best today.”

~ H. Jackson Brown, Jr. ~

This means preparing yourself now to reap the rewards of a stress-free year of business. So what can you do?

Reassess where you can create greater efficiencies in your business. For example, review any manual and repetitive tasks you are doing and see if they can be automated with technology. Cloud products like Xero and Hubdoc can help with this to ensure all your documentation is easily accessible.

2. Plan

Take note of several changes that will impact your business from 1 July. For instance, the superannuation guarantee increased by 0.5 per cent to 11 per cent and the minimum wage increased to $882.80 per week, or $23.23 per hour.

It’s important you’ve incorporated these changes into your finances and expenses to ensure a steady flow of cash in your business.

3. Execute

A great way to start the new year is to look ahead and set three to four actionable goals that you can achieve. This could be auditing your tech stack, tidying up your Xero file, setting up auto super or Hubdoc to gain efficiencies, removing excess costs, implementing new revenue streams or taking on new technology to improve your business.

The opportunities are endless, but remember planning without execution is futile.

4. Celebrate

Reflect on the year that was and celebrate your achievements, however small or large, as that will give you the mojo to push ahead into the new financial year feeling invigorated and refreshed.

If there were failures, remember to forgive yourself, learn from it and move forward.

5. Repeat

Rinse and repeat the above and make sure to continually check in with your advisor throughout the year to keep yourself and your business accountable. Your accountant should be your year-round friend, not just someone you engage with during EOFY.

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Now read this:

Small business lawyer’s guide to planning for the new financial year

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