As the end of the financial year comes to a close, it is important for businesses to set time aside to reflect and ensure a strong finish and a fresh start.
- Review last year’s revenue goals:
Reviewing your goals can let you know if any changes need to be made before the final holiday season stretch.
- Run year-end financial reports:
Gives you an opportunity to look at the bigger picture rather than the day-to-day details.
- Update employee and payroll information.
- Update vendor information and files.
- Checking physical inventory:
Important for tax purposes as well as evaluating which products do or don’t do well.
- Back up of data:
Conduct an end of year data back-up as well as regular back-ups.
- Website check:
Ensure your website is updated with any end of year sales/information.
- Consider potential staffing needs:
Reflect on the load and whether hiring new staff could be beneficial.
- Business accomplishments:
Noting down your business’ accomplishments can be motivating and increase morale.
Where has your EOFY landed? If you want to improve your business results in the coming year, don’t hesitate to reach out to one of our partners. We’d love to help you achieve your business goals.