While much of the focus at the End of Financial Year (EOFY) is on matters of finance and taxation, and rightly so, it is also an excellent time to conduct a quick business pulse check.
Why is this important? Not only can the middle of the year can be a common time for new compliance or tax laws to come into play, it is the half-way point for your annual budgets and forecasts – a quick check-up could help refine your strategy for the second half of the year to keep you on target.
To conduct an EOFY pulse check, consider these four critical areas:
1. Finance and Taxation
- Get your accounts in order, prepare your tax return and complete BAS – this is essential to ensure compliance.
- Look for ways to save money on tax to benefit your business.
2. Review and Planning
- Review and revise your business plan and annual budget based on actual results and figures.
- Review and revise any insurance policies to ensure the cover is relevant and sufficient.
3. Resources and Workforce
- Check for any updates to wage rates - these are updated at least once a year, around 30 June typically.
- Check for any updates to PAYG tax rates as they apply to your employees.
- Schedule and plan for performance reviews and the allocation of any bonuses relating to annual business performance targets.
- Assess your current workforce plan and budget for any new recruits.
4. Marketing and Advertising
- Research your market, promotion and pricing of your products and services – do any adjustments need to be made?
- Look for new research relating to your industry and business location from sources such Australian Bureau of Statistics, IBIS, ATO benchmarks, etc. to better understand your market, competitors and industry.
- Refine your marketing and digital media strategy to ensure that you are maximising your spend and efforts.