EOFY is rapidly approaching.  The EOFY is a great opportunity to set some personal and business resolutions for the year ahead.  Below are some suggestions:

1. Identify opportunities for your business.
2. Have strong and robust recording keeping systems in place that support an efficient month end reporting process.
3. Use technology.  How can you “go digital”?  Remove paper from the business.
4. Perform an annual health check on your business.  Understand where you were, where you are and where you want to be.
5. Review your strategic plan
6. After reviewing your strategic plan finalise your budget for the financial year ahead.  Make sure you understand your assumptions and key performance indicators.
7. After setting the budget understand your cashflow requirements. Cash is king and is a fundamental element of any good business.
8. Review currently profitability.  Understand the key areas that impact on your profitability.
9. How will you finance growth and ongoing operations?  Debt, equity or internally generated cash.
10. Review your marketing plan.