Six business checks you need to do before EOFY

- June 11, 2024 3 MIN READ
review your business practices

As another financial year draws to a close this month, it’s the perfect opportunity for small business owners to take stock and review their practices. This annual checkpoint allows you to assess what’s working well and what needs improvement across all areas of your operations, shares small business lawyer, Shalini Nandan-Singh.

Analyse your successes and shortcomings

Begin by looking at your overall business performance for the past 12 months. What were your most significant achievements or growth areas? Which targets did you fall short of? Taking an honest inventory highlights your strengths to capitalise on and weaknesses requiring attention.

When reviewing your business performance, it’s important to strike a balance between hard data and qualitative feedback. While financial statements, sales reports, and website analytics provide valuable insights, don’t overlook the perspectives of your customers, suppliers, and team members. Their feedback can be equally enlightening.

Refine processes and systems

With this year’s results in mind, are there any processes or systems that could be streamlined or upgraded? Perhaps stock control was challenging, or your project management approach needs an overhaul. Improving operational efficiencies saves time and money.

It’s also wise to review any software, tools or equipment your team uses. Is everything still fit for purpose, or is it due for an update? New technologies could supercharge productivity.

‘Complexity is the enemy. Any fool can make something complicated. It is hard to keep things simple.’ – Sir Richard Branson.

One of the most effective ways to improve your business is by simplifying procedures. Identify any steps that seem overly complicated and consider how they could be streamlined. This not only makes life easier for everyone involved but also enhances your business’s efficiency and productivity.

Review business legals

Compliance with all relevant rules and regulations is crucial for any business. At the end of the financial year, review all your legal documents, agreements, and policies.

Contracts: When did you last read contracts with suppliers, freelancers, landlords or any other third parties? Chances are, terms have changed, and paperwork needs refreshing. Consult a lawyer to check you’re adequately protected.

Policies: Do you have robust policies covering all critical areas like refunds, intellectual property, workplace conduct, health and safety, IT practices and data privacy? If anything seems outdated or insufficient, seek professional advice on improving these guidelines to meet best practices.

Corporate Documents: Key corporate documents like your company constitution, share registers, and meeting minutes also need periodic review. An annual legal health check helps you stay in good standing.

The tip here is not to overlook the bland governance side of business. Grey areas can spell trouble later.

Rethink your marketing approach

Now is the ideal juncture to step back and rethink your whole marketing strategy. Are your current efforts truly reaching and resonating with your target audience? Revisit the basics of who you serve, their needs, and how competitors position themselves.

Consider strengths like any industry awards, media coverage or influencer partnerships your brand has earned over the past year. How can you further capitalise on these for greater visibility? Likewise, identify weak points such as social media channels or lead generation campaigns that aren’t delivering.

Tip: Ensure your marketing and sales strategies also abide by the advertising requirements in your jurisdiction and that your product or service delivery still matches what your contracts say you will deliver.

Nurture your customer relationships

Strengthening relationships with existing customers or clients is also a priority. After all, it costs far less to retain someone than to acquire a new customer.

Check in with key accounts to gather feedback on your products, services, and overall customer experience. Remember, your customers are your biggest asset, and their feedback is invaluable. What improvements can you make to increase their satisfaction and loyalty? This interaction not only strengthens your relationship with them but also makes them feel valued and heard.

You should also review any recurring contracts, subscriptions or other revenue streams you rely on, including the formal terms of these agreements.

Invest in professional development

The end of the financial year is not just about closing the books but also about opening doors to new opportunities. It’s a smart time to invest in upskilling your team for the year ahead. What new capabilities or certifications could bolster their expertise and give your business a competitive edge? From technical skills workshops to leadership coaching, professional development not only helps attract and retain top talent but also inspires growth and innovation within your business.

While assessing training needs, review your goals as a business owner or entrepreneur. To continue growing as a leader, you may benefit from coaching, mentoring, or joining a mastermind group.

As you can see, the end of the financial year means more than finalising accounts and taxes. It’s a prime opportunity to review and refine all aspects of your operation comprehensively.

If analysing your business legals like contracts and policies seems daunting, book a Pick My Brain’ call to get clarity on your next steps. A few tweaks today could exponentially improve your business tomorrow.

This post first appeared on Kochie’s Business Builders. You can read the original here.

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