Tasks to ‘check off’ before 30 June
We’re almost at the end of the financial year… and with COVID-19 restrictions beginning to lift and many businesses reopening, now is the perfect time to show your business a little love so you can leap into the new financial year!
Give your business a financial health check – Review your financial statements and understand the numbers. If the thought of this makes you break into a nervous sweat, enlist the help of your accountant to take you through it – they love crunching numbers!
Prepare a budget for the new financial year – Your budget will help you set your financial objectives for the year ahead. If budgeting isn’t your thing, enlist the help of an expert.
Review your business structure – Is your current business structure appropriate for your plans for the new financial year? If not, the start of the new financial year can be a good time to make the change.
Revisit your business and marketing plans – Now is the perfect time to review and, if required, reconsider your business and marketing strategy.
Check your insurances – Is your business sufficiently insured? Speak to your insurance broker about what sorts of insurances you should have for your business and if you already have them review the limits.
Review your record keeping and compliance obligations and ensure that they’re current – The end of financial year is the perfect time to tidy up your business records and make sure you’re up to date with any compliance obligations.
Back-up and secure you data – It might sound simple, but many small businesses do not have regular back-up procedures to secure their data. Back-up your data and put a procedure in place where you do this regularly.
Celebrate your wins – It’s so easy to get caught up in being busy that you forget to celebrate your achievements. Take some time out, especially as we start to come out of what has been a difficult few months for many, to acknowledge yourself and your supporters.