In the last month of the financial year, we are bombarded with instructions about what you need to do before then end of the year, advice about what you should do in the next financial year, and sales promotions for business equipment and services we mostly don’t need.
Of course, we could just block it all out. Set up an email filter on any subscriptions with “EOFY” or “End of Financial Year” in the title or body of the message. And mute all social media content with the same triggers.
But probably a more effective way to deal with the madness of EOFY is arm yourself against it by doing three basic things:
Back up your files. Really you should do this pretty regularly anyway, but it’s like changing your clocks and your smoke detector battery. It’s a good time to ensure everything is backed up and you can zip up the files you’re going to need to send to your tax agent, anyway.
Audit your kit. How old are your assets and devices? How reliable are they? Are they doing the job you need them to do? Are you missing any kit that would make your work simpler? If everything is okay and you have confidence everything should last another year, then don’t go and buy anything. No really. Get your eyes off the sales. You don’t need it, don’t waste your money. If you have to invest in anything to minimise your tax bill then you’re not doing enough planning and investing during the year. And if you really must spend some of your surplus, invest in a startup you could work with. They’ll appreciate it, and you will not waste money on stuff you don’t need.
Review your plans and policies. Financial and marketing plans need some attention, based on the experience of the last year. If they’re on track, and you’re getting the work and customer support you expected then leave them. If things are shifting, shift your plans and policies to suit. It might help to reveal where you can innovate as a company.
And a bonus one for very small businesses. Get a tax agent. If you are a small enough business, you may think you can do this on your own, but even then, your tax agent’s services are usually deductible. And they are very likely to know better than you, how to get through all the madness.