117 – Preparing for a New Business Year
June 09, 2023
The end of the financial year is swiftly approaching – so what does that mean for you as a business owner? What activities do you need to do to set your business up for the best start in the new financial year?
There are two types of essential business planning that you should be doing at this time of year. First of all, there is tax planning and secondly, there is strategic planning.
Tax planning helps you identify and implement strategies that can minimise your tax liability. This includes taking advantage of tax deductions, credits, and exemptions that are available to you based on your financial situation. By being proactive, you can optimise your tax efficiency and potentially reduce the amount of taxes you owe. Tax planning helps you to better manage the cash flow in your business. You can also download our handy tax planning guide.
And remember it’s crucial to do some strategic planning at this time of year. What are your goals for your business? Where do you want to be in 12 months time? What actions do you need to take to make those goals a reality? What resources will you need?
By answering these important questions you are paving the way to a successful year ahead. Add in some cash flow forecasting and you are on your way.
And don’t forget to put systems in place to hold yourself accountable to your action plan and measure your results!
Paul Sweeney Chartered Accountant & Business Advisor, launched Pretium Solutions after a long and successful career in accounting and business advisory. Paul credits his passion for small business with growing up in country NSW, where family-run businesses were the cornerstone of everyday life.
For Paul, the driving force behind The Business Behind Your Business was to make high end, proactive, directed and value-based advisory services available to small to medium businesses.
Paul brings to the table decades of experience as a highly qualified accountant and business advisor at every level of business. Through consulting, coaching and on-the-ground training and operations, his focus is on unlocking the untapped potential for greater profitability. Paul’s qualifications allow him to pair strategic advice with an advanced understanding of taxation and compliance matters.
