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For small business owners, the end of financial year (EOFY) is not just a time to tie up loose ends and complete paperwork, it’s also a time to celebrate and reflect on your EOFY wins!
EOFY can be the perfect opportunity to look back on your achievements and plan for future success, whether you want to throw an EOFY celebration event or spend some time planning for the next financial year. And if it wasn’t the best year for your business, your reflection can be focused on ensuring the current year has a different result.
From an employee perspective, the EOFY can often see many changes to employee entitlements and reporting, so it’s also a time to keep an eye on the ATO for any updates.
Start your EOFY celebration by identifying what your business did well over the past year.
Reviewing your financial statements, sales records, and performance metrics can be a great place to start to see how well your business has performed in the previous 12 months.
You might have celebrated milestones like increased revenue, successful product launches, or an expansion into a new market.
Maybe you will want to share these successes with your team during a meeting or even better, throw an EOFY celebration event or provide an EOFY gift to show your appreciation. These might even be counted as fringe benefits!
Recognising your end of financial year wins boosts morale and reinforces positive behaviours and achievements.
No year in business goes without a challenge, and EOFY can be a great time to reflect on where things possibly didn’t go to plan.
Take some time to review your financial performance, budgeting errors, missed opportunities, or underperforming services or products. Consider why these things might have happened and if there is a way you can be more prepared moving forward.
The start of the new financial year is a great time to ask for feedback from your team and engage in constructive and solution driven discussions.
This can help you to gain a better understanding of any issues from the team’s perspective and implement changes to improve efficiency and performance in the new year.
Remember that each challenge and set back can present an opportunity for your business to grow. This can help to set you up for a bigger and better EOFY celebration next year!
After you have celebrated your wins and acknowledged areas for improvement, it’s time to set your goals for the new financial year.
You can use your EOFY celebration and reflection insights to outline SMART goals and objectives for the new financial year.
Consider setting both short- and long-term goals related to revenue growth, business development, marketing, customer satisfaction, and operations.
We also recommend taking the time to think about any upcoming milestones, opportunities and key dates for you, your business and your team and how you will want to prepare and celebrate them.
The Valorium Advisors business philosophy revolves around more than just the numbers. We look at the bigger picture and understand that starts with you.
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