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Financial questions to ask yourself before the EOFY
Manage episode 421627717 series 3522273
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As we approach the end of the financial year, small business owners need to reflect on their financial position and make strategic decisions for the year ahead. That’s why today I’m sharing 10 key questions you can ask yourself to ensure financial preparedness.
1. Have I maximised all my tax deductions?
2. Are my financial records up to date?
3. Do I need to make any last-minute purchases?
4. Is there any income I should defer?
5. Have I reviewed my business plan and budget?
6. Am I on track with my retirement contributions?
7. Should I adjust payroll withholdings?
8. Do I have any outstanding invoices?
9. How is my cash flow management going?
10. What are my financial goals for the next year?
Preparing for the end of the financial year involves more than just crunching numbers—it requires strategic foresight, meticulous planning, and a proactive approach to financial management. By asking yourself these 10 crucial financial questions and taking action based on the insights gained, you can set your business up for success in the upcoming financial year.
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