Home topics finance Featured Finance Featured Settling into FY21 – here are some tactics to boost cash flow Roger Mendelson August 7, 2020 With the new financial year craziness wearing off and we settle into our new normal, now is a good time to rethink your strategies. For this year in particular, it is essential that you do this. It is essential that small businesses are on the ball in thinking creatively. Here are some simple tips to implement as we slowly set into FY21: Form a strategy team If you do not have a strategy team in place for your business, now is the time to form one. Even if you are a one-man business, you still need a network around to review your strengths and weaknesses. In that case, co-opt your accountant to join the team and reap the benefit of their expertise and critical thinking. What you do know is that continuing to run the business as you did previously may well prove fatal, due to the lingering effects of the pandemic. Been avoiding your tax return? If you’ve been preoccupied with other things and still haven’t lodged your tax return, ensure that you stress to your accountant to take all legal steps available to defer profit. You more than likely enjoyed many months of normal trading and solid profits last financial year, and this year saw fragmented trading and profit due to coronavirus. This includes writing down the value of stock, writing off fixed assets which