As the EOFY wraps up and the new financial year in Australia begins, it is time, as a small business, to start preparing for what lies ahead. The post-COVID-19 landscape is one that is fraught with uncertainty, so planning and preparing resolutions for the new financial year is no small feat.
Here are 5 resolutions that will help your business at the start of and throughout the 2021-2022 financial year.
Review your business plan.
The start of the new financial year is a good time to review your business plan and is the first step in assessing your progress and areas of focus for the upcoming year.
Conducting a review and setting goals allows you to understand the insights you’ve gained in the last year; where to improve and invest, and what is needed for your business to grow.
The review should focus on, at minimum, the core areas of your business, including sales, operations and marketing. Take the time to understand where you can increase efficiency and grow over the next year, and beyond.
Utilise the temporary full expensing extension.
Temporary full expensing is back this year, thanks to an extension. It was initially introduced in 2020 as a temporary measure for Australian businesses, small and large, to claim deductions on various assets.
This tax measure helps businesses with an aggregated turnover of less than $5 billion and you can immediately deduct a portion of various depreciating assets, as well as the cost of improvements to your existing assets. For businesses with an aggregated turnover of less than $50 million, this measure also applies to a portion of eligible second-hand depreciating assets.
It is a measure that is useful for all businesses and allows for tax relief across the board.
Re-calibrate your finances.
Re-calibrating your finances is another important resolution for the new financial year. Once you have completed your business review, set goals and taken advantage of the various tax relief measures available, it is critical to see the impact on your finances for the year ahead.
Consolidating expenses and ensuring you are on top of your finances allows you to plan more effectively, build in a buffer and, most importantly, plan for any uncertainty that may arise as the year progresses.
Invest in online platforms.
In a digital age, and one that has seen an even bigger shift as a result of COVID-19, investing in online platforms and boosting your overall digital marketing initiatives is critical.
Whether it’s via SEM or social platforms, making sure your business is visible and reachable wherever your customers are is key for engagement, communication growth and improvement, especially as more and more customers have moved online.
Plan for uncertainty.
If COVID-19 taught the world and small businesses anything, it is that the only certainty is uncertainty.
Planning for uncertainty can be daunting but as a small business it is imperative to do so to ensure you have as much of a buffer as possible from a financial and business perspective.
With an award winning suite of digital marketing products, Yellow can help you make the most of your digital marketing resolutions for the 2021-2022 financial year.