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Family Business – EOFY – A Great Time to Review, Refresh, and Reset Your Goals.

Family Business

End of the Financial Year! Why is it a great time?  

It’s an opportunity to take stock of your Business and personal life. A time to reflect, look at what has and hasn’t been achieved, realign targets and reset your goals for the coming year.  

Running a Business! What do you want to achieve? More importantly, how will you accomplish it? 

Think smart, strategically, and take the following 5 simple Steps to reposition your Business for the year ahead. 

  1. Undertake a Business Health-Check- This includes review, assessment and evaluation of Business performance in key areas over the past 12 months. For example,  

  • Products and Services. Did these meet targets and expectations, yours and customers? What’s performing and what’s not!  

  • Financial goals. Is your cash-flow flowing, profit margins healthy, and expenses to budget?

  • Debts. Plan, monitor and carefully manage e.g. factor in tax obligations.  

  • Get paid faster by streamlining receivables with automated invoicing and payment systems.

  • Cut unnecessary costs. Look at waste, trim and explore better deals with suppliers. Examine utilities costs, insurance, energy and stock inventory. Is there a capacity for savings? 

  • How’s your bottom line? Examine your profit and loss statements to understand your Business's financial standing. Healthy bottom line, healthy Business! 

  1. Refresh Business Goals –

    from the above analysis, consider what is needed to respond to any external or internal changes. Additionally, gather data, research trends in your industry, the economic environment and any regulatory changes that could affect your operations.  Next, update your marketing and sales strategies accordingly to help keep you relevant and competitive.

  2. Reset your Goals – make sure your goals are SMART (specific, measurable, achievable, relevant and timebound). Digital advancements, operational efficiency or expansion into new markets need clear and measurable targets aligned with KPI’s. Communicate, share with your Team, to get buy-in and commitment. 

  3. Reboot Finances – your updated Business Plan should include revised financial budgets and forecasts. Make sure your projections are sound, factoring in any potential risks, anticipated expenses and ideally new income streams.  Check your finance sources, are you getting the best loan terms and conditions for your Business interests?  

  1. Contact Blackburn Accounting – your family Business Specialists. Need help to take your Business forward? We offer an individualised service that helps you keep on top of your cash-flow, assists in strategic planning and helps develop your Business capacity for growth and expansion.