It’s the new financial year and the perfect time to look at the last 12 months of business and reflect on what you can improve, replicate or change to make your small business count in 2020. In the spirit of a new financial year, there’s nothing better than a few ‘End of Financial Year (EOFY) Resolutions’ to create good habits for the months ahead.
Below are our three favourite EOFY Resolutions for you to adopt this financial year to help put you in a better position for the next 12 months.
RESOLUTION 1: I Will Know My Numbers
As accountants, this is one resolution that we’re happy to encourage our clients to be more actively involved with. Quite simply, if you don’t know how your numbers are tracking, you’re driving your business blind which will eventually lead to trouble. If you’re not sure where to start with getting to know your numbers more, a great place is to look at how you’re keeping your data.
If you’re not already on a cloud-based accounting software, such as Xero, the new financial year is a great time to make this change. With easily accessible data, you will be able to keep an eye on how your business is tracking. Furthermore, if you have staff, accounting software will help you stay compliant with the new Single Touch Payroll being introduced from 1 July 2019.
Thinking about making the switch to cloud-based accounting or not sure how to read you data? Contact us today to find out how we can help.
RESOLUTION 2: I Will Focus On Improving My Cashflow
We all know that in business cash is king. Make the 2020 financial year your year for better cashflow. Whether it’s setting new targets, increasing your cash reserve, reducing costs, or speeding up your post-job invoicing, creating some changes that will lead to good cashflow habits this new year will result in a big difference in your overall position by the end of the financial year.
Not sure what changes to make? Read our blog 7 Ways To Better Manage Your Cash Flow and download our FREE cashflow tool to start tracking.
RESOLUTION 3: I Will Find A Sounding Board (Network)
Being in small business can be a lonely venture at times, so it’s important to have a strong support network around you. Having a group of people that you can use to trouble shoot ideas with and understand the challenges you face in small business are essential. This financial year jump outside of your comfort zone and focus on creating connections. We recommend having at least one professional, such as an accountant or business coach, to meet with regularly to help with forecasting and general business ideas.
Alongside this, creating a strong network of business professionals is a great way to get personal brand exposure, build relationships, get other opinions and find other like-minded and driven people who are on the same type of business journey that you can relate to. Finding your network has never been easier. Sites like MeetUp and Eventbrite are great places to find events to network at.
There are many other resolutions that you can make to make this financial year your best yet. If you would like any assistance with getting the 2020 financial year off on the right track, contact us today to see how we can help.