The Ultimate EOFY Checklist: Identifying Growth Opportunities for SMEs
Jun 27 2023
In this article, we’ll delve into the importance of EOFY for small business owners and discuss some of the essential tasks you must undertake to maximise growth opportunities.
Update your business plan
The EOFY is an ideal time to review and update your business plan. Assess whether your goals and objectives are still relevant, and if necessary, make adjustments to align your plan with your current vision for success. By updating your business plan, you ensure that you are prepared to tackle the challenges and opportunities that lie ahead.
Check your budget
A thorough review of your budget is crucial to make informed decisions for the next financial year. Examine your income and expenses, identifying areas where you can cut costs without compromising quality. A well-managed budget enables you to allocate resources strategically, optimise cash flow, and invest in areas that drive growth.
Review your financial statements
Carefully analyse your financial statements to gain insights into your business’ performance. Identify patterns and trends in your income and expenses, and pinpoint areas where you can increase profitability. This analysis will help you make informed decisions and capitalise on opportunities to grow your business.
Review your marketing strategy
An effective marketing strategy is vital for the growth of any business. Take the time to evaluate your current marketing efforts. Are your campaigns reaching the right audience? Are you leveraging the most effective channels? Make any necessary adjustments to ensure your marketing strategy aligns with your business objectives and target market.
Review your supplier contracts
Evaluate your supplier contracts to determine if they still meet your business needs. Negotiate any necessary changes, such as revised pricing or improved terms, to ensure you are getting the best value from your suppliers. This review can result in cost savings and strengthen your supply chain.
Check your insurance coverage
Insurance coverage is essential for protecting your business from unforeseen risks. Review your existing policies and assess whether they adequately cover your current operations. Consider any changes that may be required to ensure you have the right level of protection. This step ensures your business is safeguarded against potential setbacks.
Check your equipment and maintenance
Maintaining well-functioning equipment is crucial for the smooth operation of your business. Assess the condition of your equipment and schedule any necessary maintenance or repairs. This proactive approach minimises downtime, enhances productivity, and prevents costly breakdowns.
Review your data security
In today’s digital world, data security is of paramount importance. Evaluate your data security measures and ensure they are robust enough to protect your business and your customers’ information. Identify any potential vulnerabilities and implement any necessary updates or improvements to safeguard against cyber threats.
Take advantage of the instant asset write-off
Spend money to save money. Sounds counterintuitive, right? But if you need to buy some new equipment – like a new coffee machine, a vehicle or even some new computers – you can probably write it off against your 22/23 tax bill*.
The scheme is open to businesses that have an aggregated turnover of less than $500m, and some assets are excluded, including plants, buildings and assets you lease out. But, if the asset meets the criteria, costs no more than $150,000 and has been purchased and used in the year the write-off is claimed, then you should be good to go. For more information, the ATO has a page dedicated to the Instant Asset Write-Off.
Seek professional advice
If you have any questions or concerns during the EOFY process, don’t hesitate to seek professional advice. An accountant or lawyer can provide valuable guidance, helping you navigate complex financial and legal matters. Their expertise can shed light on growth opportunities and ensure compliance with regulations.
We’re here to help
A continual challenge in business is balancing the competing priorities of today, and six months’ time. While you might know you need to spend on new technology (or invest in a new marketing approach) the realities of the business’ cash flow may dictate your business has to live in the present day. While that’s understandable, it can lead to slow growth or stagnation.
If you find yourself in need of fast cash, you should have a backup plan in place. Helping SMEs navigate those cash flow challenges is the reason Bizcap exists – and with short-term finance of $5K to $4M available in your account within three hours, we make the process easy.
Bizcap offers quick and easy business loans, providing you with the capital to invest in growth initiatives, expand your operations, or seize new opportunities this EOFY.
*The information above is general in nature, and correct to the best of our understanding. We take no responsibility for your ability to qualify for any deduction.