5 tips for taking on the new financial year

3 years ago | by Chris O'Brien

tech audit coffs harbour

Ready or not the financial year 19/20 is upon us! We’ve taken some time this year to prepare ourselves for the year ahead and we’ve got 5 tips we’d love to share with you that will help your business.

1. Take stock and plan for the year ahead.

This is easier said than done but now is the time to sit down with decision makers in the business such as directors/partners, accountants, financial advisers and your front-line team to review your business strategy, goals, market & financial situation. Did you meet all the KPI’s and goals you had planned from the previous financial year?

If so then it’s definitely time to set new ones. If not, ask yourself why? market trends, staff performance, were the goals beyond the businesses capabilities? What can you do in the next 12 months that’s different and will shoot your business ahead of competitors?

When speaking with business partners and financial advisers/accountants it would be wise to create a financial forecast to manage any potential shortfalls and ensure you can still pay staff and must have outgoings. The $30,000 instant asset write off has continued into FY 19/20, how can you take advantage this year to lower your companies taxable income.

2. Is your business plan still working?

A companies strategy is the one thing to keep you honest. It tells you all you have planned and direction you want to go.

Your strategy isn’t about shooting off the hip (yes there’s some of that) but it uses financial data you’ve gathered over the journey. You can make informed decisions based on trends within products and services you’re doing and selling.

Make sure you make well known your vision and mission statement, company goals, financial and marketing plan.

Are the systems you’ve put in place still relevant or useful or are they stopping you achieving success? If you haven’t done so already consider how technology can help assist in automating parts of your business. Yes people are key but there are so many great tools online covering every aspect of your business.

3. Boost your companies data protection!

Cyber security is prolific and it’s only going to get worse! Data protection is a must in a ever growing online business age, so whether your a sole trader, small, medium or large business protecting your business, assets and people are a must in maintaining trust to your customers.

Some of the basics you must have in place:
– Is your software up-to-date?
– Do you have Multi-Factor Authentication?
– Do you have a firewall?
– How’s your email protection going?
– Do you have a cyber security plan? What are you doing to ensure your data and people are safe when do any transaction online.
– Do you have staff that work remote? Have you invested in a VPN?

We can help with any of the above and give advice on protecting you and your business.

4. A new year brings new tech challenges and so it’s a great time to review your tech.

– Do you have a cyber security plan? Have you thought about the phishing scams, crypto attacks and 100’s more out there? How are you going about protecting your business, assets and people?
– Are you getting the most out of the cloud, and is it secure?
– Explore how tech can enable mobility and flexible practices to benefit your business

If you’re not sure and looking for help call us on 1300 661 859 or email info@c3group.com.au and we can audit your business and help advise on your current situation but also provide help on how you can improve and protect it better.

5. Don’t just do the scrape by, think big!

– Assess your business goals, strategy and vision, do they marry up with the direction you’re going?
– Review the practical stuff, insurances, leases and staff agreements.
– Remind your team of where you’ve been but more importantly where you intend on going! One in, all in!
– Look at changing business conditions and markets and adapt!
– Don’t work harder, work smarter! We have a range of tools to help you and your business achieve success.

Please note: The information we have provided on this blog is purely general information and is not financial advice. Any financial decisions need to be directed through your financial adviser or accountant.