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Why the new financial year is the perfect time to revise your business strategy

The new financial year is the perfect time to not only reflect on your achievements over the past 12 months, but also to set new and exciting goals for the year ahead.

We know it can feel overwhelming trying to pinpoint exactly which areas to improve on in your business, so here are five practical ways to leverage the ‘honeymoon phase’ of the new financial year and make sure your business thrives in FY24–25 and beyond.

1. Carry out a financial health check

Start the new financial year with a total review of your financial health. This should involve examining everything from your profit and loss sheets to client and supplier lists to cash flow statements and more. These documents will often reveal clear patterns that might have gone unnoticed, and which could be costing you money! For example, are there any recurring expenses that seem unusually high? Are your revenue streams consistent, or do they fluctuate quite frequently? Are there any subscriptions you no longer use but are still paying for?

Doing regular financial health checks can help spot all these issues and before they become larger (and more costly) problems down the track, while also informing your financial forecasting. If you haven’t done so already, you might want to invest in some accounting software to streamline the process and generate accurate reports for the future. Also, don’t forget to compare your current financial position with your previous year’s performance to gauge your business’s progress and identify areas for improvement.

2. Set clear (and achievable) financial goals

It might seem like a day-one job, but establishing clear financial goals is essential for business growth. You’ll want to have targets that will increase your business revenue, reduce costs, improve profit margins or boost cash flow. There’s a reason the SMART (Specific, Measurable, Achievable, Relevant Time-bound) system is still so popular for goal-setting – because it works!

Instead of setting a generically vague goal like ‘increase sales’, for example, instead specify the actual target: ‘Increase sales by 15% over the next six months by expanding into new [X] markets and launching a marketing campaign targeted towards [Y] audience.’ Being overwhelmingly clear about your objectives will keep your entire team focused on what’s most important.

It might also be worth breaking down these goals into more manageable steps. Say your goal is to improve cash flow – you’ll want to clarify actionable steps like tightening credit policies, negotiating better payment terms with suppliers, offering discounts for early payments from customers, etc.

3. Invest in innovation

If you have a little wiggle-room in your budget or if you’re interested in taking out a business loan, investing in innovative software can help automate repetitive tasks, boost your digital security or even deliver better insights via data analytics. There are plenty of customer relationship management (CRM) platforms, for example, that make it easy to manage client interactions more effectively.

But innovation shouldn’t be limited to technology. Try to explore new ways to improve your product or service offering to stay competitive. This might mean doing some market research to spot emerging trends, or investing in product development for a new line that customers have been crying out for. Staying ahead of the curve in this way will differentiate your business from the competition.

4. Update your business processes

Every successful business owner understands the need to identify areas where inefficiencies exist – and then develop strategies to fix them. For you, this might mean rolling out new workflows or retraining staff, or even adopting new tools and technologies for your in-house staff.

A good place to start is by mapping out your existing processes and pinpointing bottlenecks. Are there steps in your sales process that could be automated? Are you lacking in certain stock or buying in too much of a specific product because of inventory-management issues? Once you know what’s going on with your processes, you can take steps to rectify any problems.

5. Explore financing options with a broker

The best way to make sure your business is always in a solid financial position to meet your goals is to explore financing solutions. Speaking to one of our experienced commercial brokers at Nero Financial can help you figure out the most appropriate lending products for your needs – whether that be a business loan, line of credit, cash flow finance or more.

Our brokers have forged strong relationships with a wide network of lenders, which means they can work on your behalf to negotiate the most favourable terms for your business. At the same time, they can support you with valuable advice about structuring your financing to optimise your cash flow and reduce your business’s running costs.

“At Nero Financial, it doesn’t matter whether you need funds to expand, buy new equipment or simply manage seasonal fluctuations – our brokers will guide you through all the options and help you secure the best deal,” David Crook, Managing Director at Nero Financial. “Our team is committed to supporting clients from all industries and all walks of life, with our expert advice helping them achieve their short- and long-term goals.”

Find out more about how we can help you take advantage of the new financial year with smart business strategies. Speak to Nero Financial today or call us on 1300 025 949.