Home featured Accounting Advice Cashflow Accounting Five smart business decisions to make before EOFY Guest Author April 4, 2014 The end of the financial year is an exciting time and a time to introduce fresh new business ideas as well as implement well-tested, but perhaps forgotten, sound business management principles. As it comes closer, there is no better time to think strategically about where to take the business . Innovative ideas are great, what follows is the difficult task of deciding what to implement and how this will impact the success of the business. Business owners should review where the business currently sits, the success of the previous financial year, any failings that may have occurred both in financial and general business terms and use that information to help shape the objectives for the year ahead. Forging ahead with the same processes from the previous year will not necessarily mean the company will triumph. In fact, without new strategies and smart decisions to roll these out, your business will likely suffer and your competitors can take your place. Make the following smart decisions for a successful and profitable 2014-15: 1. Invest in your staff… their strength is your strength! I have always known this but only recently formalised this policy. When conducting performance reviews, every employee or contractor should be assigned an investment for the financial year ahead into their professional development that will be paid for by the company. The investment should depend on each individual staff member’s position.