It sounds like an odd question to ask in February, but did the start of the financial year sneak up on you? Join the club!
While everyone talks about July 1st as the big reset button in business, let’s be honest — the new financial year probably came and went, and your grand plans for getting your business finances and other elements sorted didn’t quite happen.
Between juggling customers and actually running your business, sometimes those many financial, sales, marketing, and admin housekeeping tasks slip through the cracks.
But here’s the good news: it’s never too late to get your business firing on all cylinders.
Now is actually the perfect time to give your business that fresh start you’ve been promising yourself.
So let’s get your business firing on all cylinders faster by taking a look at some top ways to smash through this year.
First things first: where are you at?
Before diving into any changes, take a good hard look at your current situation.
Don’t worry — this doesn’t have to be scary!
Pull up your profit and loss statement, check your cash flow, and have a peek at those forgotten receipts in your phone’s camera roll.
Another thing: when was the last time you actually reviewed and updated your prices?
Take a good look at your pricing structure and determine if you’re still making enough margin, or if increasing costs have been eating away at your profits and it’s time for a price increase.
The clearer picture you have of where you’re at, the better decisions you can make moving forward.
“It’s important to regularly keep an eye on how you’re tracking to be able to see early indicators of underperformance,” says Beth Dowsett, a Product Marketing Manager for SMEs at MYOB.
“Doing so helps you to stop big problems before they hit your P+L (profit and loss statement). Utilising MYOB’s custom reporting features makes it easy to set up key performance reports once and come back to them each week or month after that.”
Get your financial house in order
Remember all those things you promised yourself you’d sort out in July?
Well, now’s your chance. Start with the basics and get your bookkeeping up to date.
This isn’t just about keeping the ATO happy but about knowing exactly where your business stands.
If you’re still using spreadsheets or that old shoebox system, it’s time to check out the many user-friendly features of MYOB’s accounting software solutions.
You also need to chase up any outstanding invoices that have been lingering.
The time you invest in getting up to date now will pay dividends throughout the coming year.
“Your data is only as good as your data entry,” says Beth.
“If you’re relying on reporting to know what your financial position is then you need to automate your data entry to keep that reporting accurate. Tools like automated bank feeds, the MYOB capture app, and email invoice imports mean you do less admin while your reporting stays up to date.”
Use systems to make your life easier going forward
Let’s talk about working smarter, not harder.
Set up some simple systems now, and you’ll thank yourself later.
Good systems will make your life easier not more complicated.
Consider:
- Setting up automatic bank feeds within your accounting software
- Creating clear, effective, branded templates for your invoices and quotes
- Getting a separate business credit or debit card if you haven’t already
- Setting up recurring reminders for regular financial tasks
- Looking at your customer service workflow to see if enquiries ever fall through the cracks and using tech tools to manage this better
- Reviewing your project management tools and communication channels and consolidating into one or at least fewer systems
Sometimes a few small tweaks to existing processes can make a world of difference to your daily operations.
Solo by MYOB is the all-in-one app for sole traders, freelancers, and the self-employed that frees you up to do what you do best. Get the time back to focus on what truly matters to you.
The power of professional help
Here’s the thing — you really don’t have to do this “business thing” alone.
If numbers aren’t your strong suit (and let’s face it, for many of us they’re not), there’s absolutely no shame in calling in the experts.
A good bookkeeper or accountant can help you not just get organised, but also spot opportunities you might be missing.
Use this time to think about the support you’ll need over the coming year and budget for it.
Have a digital clean-up
Your online presence might need more attention than you realise, so don’t delay in doing a digital clean-up where needed.
Take a fresh look at your website, where those COVID notices from 2020 aren’t relevant anymore, and your “latest” blog post from 18 months ago isn’t doing you any favours.
Your social media profiles might need a refresh to reflect your current offerings and brand messaging, too.
It’s also worth checking if your online business listings are up to date across all platforms.
Plus, your venture’s cybersecurity deserves special attention.
While you’re at it, take a look at all those software subscriptions you’re paying for and decide if you’re really getting value from each one.
Beth says, “MYOB does more than just accounting, and if you’re looking to simplify your tech stack, consider whether MYOB can replace an existing tool, or if a third-party integration can be a more affordable option.”
Marketing makeover
If you’re still running the same marketing playbook you’ve been using for years, it’s time for a fresh look.
Dig into your marketing metrics and honestly assess what’s working and what’s just eating up your budget.
Your customer personas might need updating, too. Are they still an accurate reflection of who’s actually buying from you?
Start planning fresh content for the new year that will genuinely engage your audience.
Consider experimenting with that new marketing channel you’ve been curious about, as well, but make sure you can measure the results.
Your action plan starts today
The best time to start with a business reset was July 1st, but the second-best time is right now.
Don’t let perfect be the enemy of good — even small steps in the right direction will make a difference.
Start with one thing today, maybe another tomorrow, and before you know it, you’ll be wondering why you didn’t do this sooner.
Remember, every successful business owner has been where you are now.
The difference between staying stuck and moving forward is simply taking that first step.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
