))
Ep 4: End of Financial Year Review of Your Business and You
Manage episode 407294956 series 3561541
Content provided by Elaine Richards & Tamara Lloyd, Elaine Richards, and Tamara Lloyd. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Elaine Richards & Tamara Lloyd, Elaine Richards, and Tamara Lloyd or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
In this episode, Tamara and Elaine discuss the importance of taking a wider view of the end of the financial year, beyond just financials. They encourage listeners to evaluate their personal well-being and business goals for the year ahead. They also share a free checklist available on their website for a comprehensive end-of-year review.
WHAT YOU’LL LEARN FROM THIS EPISODE:
- Take a deep dive into your financials: Review profit and loss statements, balance sheets, and forecast future business performance. Schedule a meeting with your accountant for a thorough analysis of your business's financial health.
- Review suppliers and subscriptions: Assess all subscriptions and suppliers to identify unnecessary costs and potential savings. Negotiate better deals or consider switching to more cost-effective options. Don't forget to review loans and interest rates with your bank.
- Conduct risk assessments of your software: In an age of cyber attacks, prioritize data protection and implement measures like two-step verification. Consider cyber insurance and consult with an insurance broker for comprehensive coverage.
- Reflect on last year's goals: Evaluate whether you achieved your goals and identify the reasons behind successes or failures. Learn from past experiences and adapt your strategies for the year ahead. Focus on increasing both revenue and profit.
- Plan for the year ahead: Set new goals for your business, taking into account recent growth and changes. Consider staffing needs, process improvements, and any necessary adaptations to seize opportunities and drive success.
And few key takeaways:
- Maintain a positive mindset and focus on opportunities rather than getting bogged down by negative news.
- Set new goals for the year ahead and plan strategies to achieve them.
- Assess your marketing and business strategies to increase revenue and profitability.
- Prioritize professional development and seek opportunities for growth and learning.
- Take advantage of resources like the EOFY checklist and the Her Business By Design 8-week Bootcamp for support and guidance.
Remember to check out the full EOFY checklist on their website for a comprehensive guide to the end-of-year review process.
Disclaimer: The content of this podcast is for informational purposes only and should not be considered financial or legal advice. Always consult with professionals for personalized guidance.
Loved the podcast and want more?
30 episodes
Share
