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Are you prepared for EOFY? What every business owner needs to be aware of

So how do you plan to finish the year?  Have you achieved what it was that you set out to do?  I always get excited at year end … how great is it that as business owners we have two lines in the sand that force us to stop and consider with clarity what our strategies are to achieve the #1 goal we set for ourselves. How do you remove the panic button and take back control? If this time of year fills you with regret and disappointment, don’t despair.  There is still time left to get to work on finishing this year off as well as we can.  Set out to make it a Personal Best.

Finish what you have started.  Get everything manufactured and shipped, invoiced and debts collected before the end of June.  Resolve any outstanding problems, send all outstanding quotations and invoices and do what needs to be done to ‘spring clean’ your business ready for the New Financial Year.

Get really excited about ramping up for 1 July 2015.  Taking time out to confirm the plan NOW is very important – it stops you falling in a heap at stumps on the 30th of June – to surface again a few days into July wondering ‘now what do we do’.  Make a start now!  (Once again, if you haven’t already done so).

Yes I know for some of you June is just far too hectic to even contemplate a strategy session, but … consider what an hour of planning now could do for you and your team.  Could it be the fuel to drive all of you though the next few weeks?  Could it be the ‘light at the end of the tunnel’ … the ‘blinding flash of the obvious’ that says if we plan now then come next June we won’t be needing to work this hard in order to achieve an even greater result.

Remember, while the last month of the financial year is still upon us the smart business owner will plan and action changes that will offer their small business strengthened returns from day one.  The smart business owner will also never end another financial year in such frenzy again because they will have strategised this increase in activity and have put plans in place to ensure that June is just like every other month in the year.

Invest 30 minutes with each of your key advisers before the end of May.  Confirm what your position will be come the end of June therefore alleviating any surprises or ‘doh’ moments.  Ask for advice from your accountant, business strategist, legal team, financial planner etc.  What do they suggest you need to do before the end of this financial year?

Now I am not in a position to give financial advice, however I will tell you that you need to find an ‘A’ grade accountant to join your team, one who can reduce or eliminate your taxation obligations within the law.   For this you need to find an accountant that’s financially literate. Beware of the accountant that is a marketing guru!

And no, just because they’re qualified as an accountant doesn’t mean that they know how to reduce your tax expense. There are many ways in which a top accountant can minimise or eliminate your tax burden, so it’s worth taking the time to find one.  And this is not where you try and save money in your business.

It’s important to find an accountant that plays ‘on the line’ – that is, they know the law and recommend accordingly, but they know how to play it so close that they get maximum benefit.

Of course, you don’t want to be too flamboyant – you’ll attract an audit and no one wants that.  Remember it is exciting to pay tax.

You need to have an ‘A’ grade team surrounding you and your business if you wish to go the distance.

Finding that ‘A’ grade team member is not going to be a cheap exercise, but it will be provide you with long term benefits for both your business and your bottom line.

And remember, if after your accountant has worked his magic and there are still taxes pay – that’s proof that you made a profit, right?  Whilst it is important to not pay more taxes than you should, you should be focused on building profits, and therefore wealth, above saving taxes.

Do you have the stamina to push through? Next year, will be the next Personal Best Financial Year ever for those who have Belief to be Benchmark and Brave is their middle name.

About the Author:

Stefan Kazakis is a business strategist and founder of Business Benchmark Group, which helps clients from a variety of crossroads and industries achieve ongoing business success and profit growth. He is also the author of From Deadwood to Diamonds (Major Street Publishing, $29.95) . For more information please visit www.businessbenchmarkgroup.com.au or email info@businessbenchmarkgroup.com.au  

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