End of financial year is a good time to review different aspects of your business and plan how you want to move forward in the new year. You have a years worth of data to look at and, see what changes can be made and where profit should be spent. It is important to look at your cashflow, customers and marketing, as these are often the determinants of a successful business.

Monthly Money Review

Create a routine of reviewing how much money is going in and out of the business, to keep track of and understand your cash flow. By doing this consistently, you can compare to previous months or financial years to see any changes or patterns. From this, you can make plans to rectify any increases/decreases that may have occurred. You can use these reviews to determine your financial goals and whether your actions have made a difference in subsequent months. The financial year can fly by, so monthly finance reviews can ensure you are achieving what you need to.

Review Your Customers

As a business owner, you want to ensure you are attracting the right kind of customers to make you the best profit. Therefore, conducting a customer review in the new financial year will ensure you are going in the right direction. Ask yourself the following:

  • Did your marketing attract the right customers?
  • Were they a good match for your product or service?
  • Did they fall in your desired demographic?

Additionally, consider categorising your customers based on demographics and factors specific to your business. Such as location, age, buying behaviour and lifetime value. This will give you a better understanding of who you are attracting and who you want to attract.

Ask for Feedback

A new financial year is a great time to find out from customers where your business can improve. They are the ones purchasing your product/service, so their opinion is of high importance. This will not only give them a better financial year as a customer but also your business to increase profitability and possibly bring in more new clients.

Review Your Digital Marketing

More and more we have seen how much social media and digital marketing plays a role in the success of a business. As you are reviewing other aspects of your business, take the time to look at your digital presence. Refresh your website, ensuring there is no outdated information, and all products/services and pricing are correct. Also look at your social media strategy, and how you performed the year prior. Look at how social media helped your business performance and what you could potentially let go of going forward. Alternatively, if your business is lacking a digital marketing strategy, use this financial year to finally implement one.

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