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3 Steps to Getting Your Business Off to The Right Start This EOFY

With the new financial year well and truly under way, have you made the most of it?

This time of the year should mean more than just doing your taxes, it is an excellent opportunity to look back at last year to try and improve your business for the coming financial year.

Not sure where to start? Don’t worry. We have got you covered with our 3 Key steps to getting your business off to the right start this financial year. Keep reading to find out how you can prepare for success in the coming year.

  1. Clean-up and tidy up

Use the new financial year as an opportunity to do both a physical and mental clean-up for your business. Complete an administrative wrap up of the last financial year as soon as you possibly can. Once it is done, you can start looking towards the future.

Think about everything that has happened in the last financial year. What have you achieved? Were there any major issues you experienced that you could prepare better for in future? Taking the time to ask these important questions can help keep your business growing in the right direction.

Take a look at this EOFY Checklist for how to wrap things up for your small business.

  1. Failing to plan is planning to fail

Do you have a business plan? If you do, have you updated it recently? It is easy to get caught up with the day to day operations of your business and not take the time to focus on the future. However, if you want to be truly successful, it is something that is vital to the success of your business.

Create or review your existing business plan. It is highly likely that the objectives and goals of your business have changed over the last financial year. Create a Strengths, Weaknesses, Opportunities & Threats (SWOT) to analyse your business and decide what you need to change to achieve your goals.

Check out: The Ultimate Guide to Starting a New Business in 2018

  1. Organisation is the key to success

Most people know that in both their personal and business life they could do to be a little more organised. However, it is even more important if you are running your own business to make sure that everything is squared away.

Go Digital

Try and avoid anything paper related where possible. Make sure you can access all your important documents digitally and quickly. Start sending quotes, invoices and receipts digitally where possible.

Check out: Your Digital Transformation Journey

Use online accounting software

Make use of online accounting software like XERO to take care of your invoices, expenses & payroll.  Want to know more about Xero Cloud Accounting? 10 Reasons to choose Xero Accounting Software for your business

Use a calendar

Actually use the diary or calendar function in your emails, it will help you keep your days and weeks organised and stress free.

Review your systems and processes

Do you need to upgrade your software? Could you be doing things more efficiently? Look for ways you can improve your  business practices.

Look at outsourcing work where possible

It is a common mistake especially with small business owners to try and do everything themselves. However, why waste hours and hours on things like bookkeeping when an experienced professional can handle it for you in a lot less time.

No matter how well you think your business is currently operating, there will always be a way for you to improve on last year’s success. Moreover, by following these three simple steps, you will be sure to have your business in a better position to succeed over the coming year.

Check out: Avoid These 5 Common Financial Mistakes That New Businesses Make

Still unsure what steps your business needs to take for the new financial year? Give the experts at Quarles Business Advisor & Accountants Perth a call, we are happy to help you to get started on the right foot.

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