Unless you’ve been living under a rock, you know the end of the financial year is approaching. That means it’s probably time to get your social media marketing in order. But if you really want the end the financial year on a high note, there are some things you’re going to want to do. Below is our ultimate EOFY checklist for small businesses, guaranteed to help you end the financial year with a bang!
Get More Traffic’s Top 10 EOFY Tips
At GMT, we’re helping you get ready for the EOFY. That said, here is a checklist to help make the preparation just that much simpler.
Review And Coordinate Your Accounts
Do you have any outstanding debts or vice versa? Say you’ve paid for Google Ads in Australia but your account is overdue or maybe you’ve provided a service to someone else who now owes you. Use this period to get on top of what you’ve paid to others and what they’ve paid you. You’ll want to make sure you pay vendors any money owed as well. Sorting all this out means you won’t have to worry about it being taxed next year.
Keep Records And Back Up Your Data
You’ve heard the term, ‘I’ve got receipts’, and well there’s no hard evidence like proof of purchase. Additionally, we recommend backing up any crucial files or data onto a hard drive independent of your computer. You know, for safe measure. Trust us, if systems fail you’re going to thank yourself for being so proactive.
Review Your Insurance
While you’re at it, you might as well review your insurance policies for any updates. Doing so will allow you to determine if you’re still on a package that’s right for you and your business. It’s also a great opportunity to update your insurer on any change in circumstance.
Conduct An Audit
Count and recount your inventory so you know exactly what you have and what you need. Doing so will allow you to match what’s on paper with what’s on hand.
Use Your Calendar
Planning is key so make a note of all your upcoming due dates, including by when you need to lodge your tax returns.
With the financial year ending, you’ll want a fresh start going into the new year. We recommend going through your bookkeeping and identifying any transaction errors on your bank accounts and credit card statements.
Implement And Update Management Software
Management software makes keeping track of your inventory, finances, and other business assets easy. While we also encourage you to check all of these things manually during this time, implementing and updating your management software will save you time and resources in the long run.
Prepare Financial Reports
Running financial reports helps point out where your business rests financially. Additionally, they’re fantastic for helping businesses outline and plan their budgeting. There are three financial reports you’re going to want to run this financial year and every subsequent year after. They are:
If you’re reading this checklist, you likely want to get on top of everything before the new financial year rolls around. By doing so, you’ll be able to figure out how your company performed over the past year and make an action plan for the future. Take a look at what worked and what didn’t and look for areas in which you can improve. Set goals and establish timelines to help you stay on track.
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The end of the financial year is fast approaching and many businesses are scrambling to create some last-minute campaigns to increase their revenue.
However, just as important as the end of the financial year, is the beginning of a new one. While it’s always good to finish strong, it’s also important to get a good head start against the competition. This means having a plan already set in place to help you jumpstart and launch your way towards success.
For that reason, we’ve put together a couple of tips on how you can get started planning the new financial year with your team and organisation.
1. Review Your Existing Business and Marketing Plan
The start of a new financial year is always a good time to review your current business and marketing plans in order for you to create a sound strategy moving forward.
As you review your business plan, make sure that it includes the following:
Your mission and vision statements
What products, packages, and services you’re currently offering
Your company structure, including the key staff and leaders
An overview of how you plan to make sales
A map of your basic customer journey
This quick review of your company’s basics and foundations should help remind and refresh you of the general overview of who you’re serving and what problems your business solves.
This quick refresher should also help you reexamine and reevaluate your current goals, plans, and offerings and whether you’ve met and accomplished them, and what you’re plans might be moving forward.
2. Review the Past Year and Your Current Status
Before you can set a path for where you want to go, you first have to look back and see how far you’ve come.
Do a review and an executive summary of the past financial year. What goals were established? Which goals were achieved? Are there any areas in your business that you could improve on? This would be the perfect time to get feedback and suggestions from leaders and managers.
Take a day or two to meet with your staff and stakeholders to discuss the following points:
A SWOT analysis (strengths, weaknesses, opportunities, and threats)
Does your current organisational structure need to change to better suit the organisation’s needs?
Are you setting the right KPIs for your workforce?
How have sales performed in the past year? What milestones were achieved?
Competitor analysis–what areas are they succeeding in and how can you match their growth?
Are there any plans set in place for unforeseeable challenges?
It will take some time to gather all this data and information, and much more to discuss them amongst your leaders. But achieving a good and thorough understanding of how your business has performed over the past 12 months will help you move forward with setting the right goals for growth.
3. Decide on Your Future Goals and Targets
Now that you know where you’re coming from, it’s time to set your sights on the path ahead.
Think about what projects, campaigns, and goals you want to accomplish in the next 12 months. Do you want to further increase revenue or sales? Is your goal to pay off any business debt? Are you looking to expand, launch new products or projects, or pivot in a different direction?
Take ample enough time to flesh out your goals for your business. Be specific. Set deadlines and timeframes so that things continue to move forward, and clearly communicate these goals throughout your organisation.
4. Create a Plan to Bridge that Gap Between Your Current State and Your Future Goals
Now comes the part where you have to work at bridging the gap between hope and reality. After all, every journey begins with a single step.
To achieve that, you need to do the following:
Breakdown each of your goals into several milestones.
Set deadlines for each milestone
Assign a leader or manager to oversee the accomplishment of each goal
Lay out the tasks that need to be accomplished in order for those goals to be achieved.
Set KPIs for each of the teams involved
When working on a strategic plan, always involve the key stakeholders to help provide proper feedback and guidance on the best path that you can take. The better you’re able to break down the steps necessary to accomplish your goals, the better. Start with the end in mind, and work backwards to determine how you can get from A to B.
In implementing that plan, however, sometimes you need an excellent partner to help you execute and achieve your goals.
Don’t worry! Because with the help of our digital marketing experts here at Get More Traffic, we can help you achieve many of your business goals for the new financial year through proven expert digital marketing strategies.
We’re passionate about helping businesses all over Australia harness the power of digital marketing to take their sales to the next level. If you’re ready to give traffic to your website the green light and learn how to increase sales and engagement through an always-on marketing strategy, contact the team at Get More Traffic today!