Calling all business owners…guess what is almost on our doorstep?
The end of the financial year!
How does that make you feel?
Panicked, stressed, scared, overwhelmed… or are you someone that cruises through this period with ease?
Do you delegate everything out or are you an avoider who sticks their head in the sand like an ostrich? Or do you prefer a hands-on approach with your finances?
I know this time of year can be overwhelming for some people as they try to get their business in order. So, how can you turn this time of year into a time of celebration rather than overwhelming disarray?
To achieve a successful EOFY and business, it’s not just one thing that works best but instead, many increments of the business. Like little clogs in a watch, turning in sync to run smoothly and on time.
Here are four resources you can use to deal with the end of the financial year more effectively. Through utilising these services, you should have more time to celebrate another successful year of business and have a Happy New Financial Year.
Let’s get started.
Like any event, the EOFY requires careful planning and time management.
Understand the needs of your business and what you will need to do to get the EOFY started. Next, delegate the remaining tasks out to keep the wheels of your business running smoothly. Who and where you delegate your EOFY tasks is incredibly important to ensure a smooth transition into the new financial year.
So, who should you call to get the EOFY party started?
1) Financial Planners.
Financial planners are a fantastic resource to help assist you in making good business financial decisions before you see your accountant. These guys will look at the goals of your business and help you to understand which choices are going to be most financially beneficial. Financial planners can also help nudge you back on the right path if things haven’t gone so well this financial year they are all about the numbers.
Finding an accountant who specialises and understands your business and industry is imperative for success. It also helps to find accountants who may work with your personality style in business. For example – if you are behind because you are the ostrich with its head in the sand, you will need to find an accountant who specialises in catching you up and keeping you in good flavour with the ATO. They usually assist after the fact though and often it’s not so nice to arrive to the EFY and you are told nope – no profit this year.
3) Bookkeepers. Most successful businesses will have a bookkeeper on their team. Resource out what takes up your time in business. The key here is to once again, find someone who specialises in your industry. Not only does it save time, but it also means you can rely on the person managing your books to understand the ins and outs of your industry. While every business is still a business, there are different aspects and knowledge required to truly understand how each one works. One of the first things I delegated out many years ago was the role of ‘book keeper’ and only met with her twice a month for forecasting and review.
4) Business Coach.
Find a business coach who work 1:1 that will assist and give old fashion support thats for you, your business and your team for the end of the financial year and beyond. Together you will be able to build on your goals as your business changes, grows and levels up. In fact, one study conducted by MetrixGlobal LLC found companies received an average return of $7.90 for every $1 invested in executive coaching. Business coaches are an investment in your future as well on a personal and financial level.
So, is now a good time to get started and put in place a plan for the EOFY?
To get the benefits and value of engaging a business coach to support you and your business, simply Schedule a Free Connection Call and get achieving into your next financial year! Now!
So, 2019 – 2020 raise the bar in your business and your profit!