The end of this financial year is coming and we want to give you a few tips to analyse your business from a strategic and financial perspective and get ready for 2018/2019!
Rethink Your Business Objectives and Strategies
Identify new opportunities and take the time to analyse if any changes need to be made for improvements. Being agile will give your the business flexibility it needs to stay at the forefront of your industry. Make sure that you, your Management and Team are all on the same page about where you’re at now and what you’re trying to achieve. It can also be helpful to look your competition – what are they doing well and where are their gaps that could capitalise on?
Once the big picture has been discussed, make sure that you set achievable goals and targets. It’s important to get by-in from your team about targets and put incentives in place. Your targets might be broken down monthly or quarterly, and could be around budgets, retention, customer service or market share. If possible, set team and individual targets and let everyone in the company know how their work aids the business and it’s goals every day.
Review Your Marketing & Advertising
Having targets is one thing – but what are you going to do to ensure those targets are met? If you’re trying to grow, you need to know the numbers around:
- What is your average client/ customer worth to the business?
- How many leads do you get a month?
- What percentage of those leads result in a sale?
- To grow, how many more leads do you need to meet the targets?
From there, you’ll need a strategy in place to acquire the leads that are required to grow your business and hit budgets.
Do Your Tax!
This might seem like an obvious one but getting your accounts in order and preparing the tax return does require time and attention to detail. It can also give you the opportunity to look at ways of improving your operations. If you haven’t opted for an automated process yet, don’t keep postponing it and there are tools available that can make it a lot easier for you to reconcile bills and process accounts. Alternatively you can outsource it all if you don’t want to deal with it!
Review Your Financial Position
These are some financial aspects to check:
Inventory: Knowing how much you have in the hold at the end of the commercial year and patterns from the last 12 months allows you to plan for the following year and manage your supply chain.
Cash flow: Having adequate cash flow provides your business with the comfort and capabilities to invest in growth. Are there areas that your cash flow can be improved?
Level of debt and aged receivables: Checking your debt balance and analysing the payment conditions and interest rates of anyone in debt to you is always a good thing too audit at EOFY. Are there some quick wins there or do payment conditions need to be updated for the next year?
No matter the size of your business, it’s always good to ‘take stock’ at the end of the financial year. If you need help with your marketing strategy – talk to a Digital Strategist today on 0800 878 833 or contact us here.