With the end of the current financial year fast approaching, now is the time to take a number of steps to start the new year on a positive foot with your business.

Consider the following 5 ideas and implement them now.

1.Tax Planning
Set up a meeting with your bookkeeper and accountant and discuss what steps you can take financially to provide some taxation benefits. Some aspects to discuss include:

• Writing off bad debts
• Buying equipment under the small business depreciation concessions and writing them off fully this financial year
• Making personal superannuation contributions
• Bringing forward future planned expenses such as training, maintenance on equipment, or even pre-paying interest.

2. Check your insurances
Review your insurances and make sure they don’t need amending as a result of your circumstances. Are they are the right level? Do you have the right insurances for your industry?
Insurances can often be overlooked and they will come back and hurt you and your business when you least expect it. The EOFY can be a great trigger point to remind you to give them a quick review.

3. Back up your data and files
Whether you already have a cloud-based system, or you are backing up regularly anyway, you should review what you are backing up and ensure all the data you need to re-establish your business and keep your customers satisfied, are securely stored somewhere. Items to consider include:

• Financial data – invoicing, banking details, asset register, ATO and ASIC details
• Customer databases
• Software registrations and license keys
• Passwords and other security details including contact numbers for key suppliers to get you up and running again
• Digital files for promotional materials and general corporate documents

4. Review and update your Business and Marketing Plans
Often overlooked, this is one of the key tasks you should be looking at doing now to prepare for next year. Here are some core areas to focus on:

• Review your SWOT analysis and check whether the market conditions have changed and altered the opportunities and threats. How have you and your business changed and what is the status now of you and your business’  strengths and weaknesses? Go to my website page where I show you how to do a SWOT Analysis properly and effectively. This really is a crucial foundation for a strategic focus with your business and a step towards taking your business to the next level.
• Update your Business Plan. What? You don’t have one!! You are not alone. In fact, more businesses don’t have a formal or even informal plan that those that do. There is a saying that goes that nobody in business plans to fail, but many do so because they fail to plan. There are still two-thirds of businesses failing within their first 3 years in Australia, and one key factor identified impacting on that is the lack of strategic planning. Something as simple as a 1-page business plan can give you the direction and confidence needed to set and achieve your business goals. So check out my One Page Business Plan and contact me for more information if you need.
• Undertake a comprehensive review of your marketing efforts. What elements have worked? Which elements haven’t? Is your digital vs traditional marketing balance correct? Have you got appropriate methods in place to measure the success, or failure, of your Marketing activities? Do you have a formal or even informal Marketing Plan? Just like a Strategic Business Plan that sets out the way the business needs to run, your marketing also needs its own plan that breaks down your activities and keeps you focussed on the end goal. This doesn’t need to be an elaborate plan, and small or micro businesses can very easily develop a simple one-page Marketing Plan to keep you accountable. You need annual strategies and goals, quarterly activities and ways to measure your success.

5. Check in on your customers

This is a great time of the year to connect with your current and even past customers. Either call or email and ask how their year has gone and wish them well for the rest of the year. In most cases, you will engage in useful exchange and strengthen the connection you have with them. It’s been written that for service-based industries, over 90% of your future business will come through referral and recommendation and this activity will only help that happening. So keep engaged with your clients.

Hope these core tips are useful and help make the next financial year for you and your business a successful and satisfying one. If I can be of any help to you or someone you know, I am only a phone call or email away. Visit my resources page on the website for a range of business and self-development resources.