Start the New Financial Year Strong with these 4 Top Tips

August 2022

The end of one financial year and the beginning of another can be a frantic time for businesses, but it’s worth pausing to reflect and plan. The start of a new financial year is an excellent opportunity to improve your business systems, processes, strategy and goals.

Here are a few things to consider as we move into FY23.

1. Implementing a business management system (or upgrading outdated software)

Managing the increased complexities of business processes while scaling operations can be challenging. However, rapidly advancing technology can streamline and simplify holistic business management. Good business management software is powerful in that it makes processes less time consuming and more efficient. It gives you a ‘single source of truth’ about your operational performance.

Benefits include being able to:

  • See real time business performance data across all of your whole-of-business operations
  • Boost your employees’ productivity and your own
  • Seamlessly integrate your processes, including accounts, customer relationship management, and compliance
  • Use third-party apps to build more functionality.
  • Tap into internal (operational) and external (industry and economic) data for insights to help you scale your business growth and operations

2. Optimising inefficient processes

Business processes grow and evolve with the business itself. However, inefficient processes can result in lost business revenue.

Conversely, an efficient process that is continuously reviewed and improved can result in fewer errors, shorter task completion times, greater productivity, identification of wasted resources and improvement of overall business performance.

Refer to this guide from the Queensland government on how to create effective business processes and procedures.

3. Reviewing business continuity and emergency plans

No one can predict when an emergency will occur, so your best method of preparedness is to have an up-to-date business continuity and emergency plan. Your business is constantly changing with factors including:

  • Re-location, refurbishments or other changes to the workplace
  • Workforce changes such as increased or decreased staff
  • New products, services or workplace activities.

Use the new financial year as an opportunity to identify risks, review your response plans and verify the effectiveness of your business continuity and emergency plans in place. This template from business.gov.au is a good starting point.

4. Defining business goals

Seize the start of a new financial year to create a goal-setting framework to realise your overarching company goal. Include your objectives and key results to track your progress over time—quarterly is ideal.

Your goals should link to the ‘why’ of your business and serve as a driving force that motivates your staff, providing them with a shared purpose and sense of achievement.

We can help with your new financial year goals

The new financial year is also a great time to establish plans, goals and new projects for the next twelve months. Should you require additional funding, we can help you access the right finance to support your business’s growth and development. Contact us today to find out more.

The information in this post is provided for general information only and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Geared Finance, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.