top of page
  • Writer's pictureLend Brokers

Start the New Financial Year Right: 10 Tips for Business Owners

Starting a new financial year can feel overwhelming, but it’s also an exciting opportunity to set your business up for success. Here’s a simple, step-by-step checklist to help you kick off the new financial year on the right foot. Whether you’re a seasoned business owner or just starting, these tips will help you stay organised and focused.

1. Reflect on the Past Year

  • Look at Your Financials: Review your income statement, balance sheet, and cash flow statement. What do the numbers tell you about your business’s health?

  • Celebrate Wins and Learn from Mistakes: Identify what worked well and where there’s room for improvement. Use these insights to plan for the future.

2. Set Financial Goals

  • Create a Budget: Outline your expected revenues and expenses for the year. Use accounting software to make this process easier and more accurate.

  • Set Realistic Targets: Set achievable revenue goals based on last year’s performance and market trends. Discuss these targets with your team to ensure everyone is aligned.

  • Control Costs: Look for ways to cut unnecessary expenses without sacrificing quality. Consider renegotiating contracts with suppliers for better rates.

3. Manage Cash Flow

  • Send Invoices Promptly: Get into the habit of sending invoices when you deliver goods or services. Automate invoicing software to streamline this process.

  • Follow Up on Payments: Don’t let overdue invoices pile up. Set reminders to follow up with clients who are late on payments. Consider offering early payment discounts to encourage timely payments.

  • Take Advantage of Discounts: If suppliers offer early payment discounts, use them to save money.

4. Plan Your Financing Needs

  • Review Existing Loans: Check the terms of your current loans. Are they still the best fit for your needs? Contact Lend Brokers to review and refinance if necessary.

  • Explore New Financing Options: Planning to expand or need extra working capital? At Lend Brokers, we can help you find the right financing solutions to support your growth. Schedule a consultation with us to explore your options, including business loans, lines of credit, and more.

5. Invest in Essential Assets

  • Identify What You Need: Consider what new equipment, vehicles, or technology could help your business thrive. Make a list of priorities.

  • Consider Asset Financing: Instead of paying upfront, spread the cost over time. Lend Brokers offers asset finance options to help you get what you need without draining your cash flow. Contact us to learn more about our asset financing solutions.

6. Update Your Business Plan

  • Align with Your Goals: Make sure your business plan reflects your financial goals and growth strategies. Update it regularly to keep it relevant.

  • Conduct a SWOT Analysis: Identify your strengths, weaknesses, opportunities, and threats to stay prepared and proactive. Use this analysis to guide strategic decisions.

7. Prepare for Tax Time

  • Consult a Tax Professional: Ensure you’re current with Australian tax regulations and take advantage of any deductions. Book a meeting with your tax adviser early to avoid last-minute stress.

  • Get Organised: Keep all your financial documents to make tax filing easier. Use accounting software to keep track of receipts and expenses.

8. Boost Your Marketing Efforts

  • Leverage Digital Marketing: Use social media, SEO, and content marketing to reach more customers. Consider hiring a digital marketing expert if needed.

  • Engage with Your Audience: Build strong customer relationships through personalised communication and excellent service. Use CRM tools to manage customer interactions effectively.

9. Stay Compliant

  • Update Contracts and Agreements: Ensure all your business contracts comply with Australian laws. Review them with a legal adviser if necessary.

  • Check Licences and Permits: Ensure all business licences and permits are valid and up-to-date. Create a calendar reminder to renew them before they expire.

  • Follow Lend Brokers: @lend.brokers. We post regular reminders on our social media about important due dates like quarterly BAS payments. 

10. Plan for Growth

  • Hire the Right People: Identify gaps in your team and plan for new hires. Use recruitment agencies or online job boards to find the best candidates.

  • Invest in Your Team: Offer training and development opportunities to help your employees grow. Consider online courses or workshops.

  • Network and Partner Up: Build strategic partnerships and expand your professional network to open up new opportunities. Attend industry events and join professional associations.

Starting the new financial year with a solid plan can set you up for success. By following this checklist, you’ll be ready to tackle challenges and seize opportunities. At Lend Brokers, we’re here to support you with expert financial advice and solutions tailored to your business needs. Let’s make this year your best one yet!


Contact Lend Brokers Today!

Ready to explore your financing options? Contact us today to speak with one of our expert brokers and discover how we can help your business thrive in the new financial year. Visit our website or call us at 1300 536 327 to schedule a consultation.

The information in this blog post is for general informational purposes only. While we strive for accuracy, individual circumstances may vary. Readers are encouraged to contact Lend Brokers directly for personalized advice and to confirm eligibility for our services. Our experienced team is here to provide tailored guidance and discuss specific solutions based on your unique needs. Please reach out to us before making any financial decisions.

5 views0 comments


bottom of page