Home topics finance tax Small Business Tax Small Business Review your industry, socialise (in the real-world) and other ways to get an EOFY leg-up Yanir Yakutiel June 26, 2017 The phrase ‘tax time’ can all too easily translate to feelings of boredom, dread and uncertainty for the small business owner. There’s the income tax return, BAS, payroll tax, super, and more. However, instead of viewing the annual marker as a time-sapping and difficult box-checking exercise, it should be seen as a spring board to bigger and better things. Here are my top tips for not just getting through the challenges of EOFY, but for using this time to set your business up for success: Don’t just assess your cash flow, plan for the tough times and save an emergency fund. Cash flow remains the number one pain point for small businesses, despite acknowledgement that it is the lifeblood of a company. By taking stock of the cash flow peaks and troughs from the year just gone, you can forecast potential issues. This allows you to plan to pay suppliers and employees in the learner periods of the year. For example, if things were quiet due to seasonal changes, you could try offering a price discount or reduce the hours staff work during that time. Additionally, you should have a plan for when things don’t go as planned! There are numerous reasons why cash flow problems arise but there are a few ways to minimise the impact. Think up a new