Make the 2025 financial year your best yet with our expert tips for reviewing and reflecting on your business strategy, cashflow, processes, systems, and structure.
The frenzy of the tax season is behind us and the new financial year is already underway. If you haven’t already, now is the perfect time to assess your business’ performance and set goals that will help you excel throughout the rest of this financial year.
Start by reviewing your previous financial year
With the new financial year now in full swing, it’s important to look back at the past 12 months. Just as the start of a new calendar year offers a moment for reflection, the beginning of the financial year is a prime time to evaluate how your business has been operating. This reflection will help you identify what worked well and what needs improving to ensure success moving forward.
Explore your current business practices to pinpoint the most time-consuming and stressful tasks. Research solutions to these pain points and start implementing them as you progress through the new financial year.
Look at your business as a stranger would
Taking a step back to view your business from an outsider’s perspective can reveal new insights. Consider how someone unfamiliar with your operations would assess the financial health of your business. Are there areas that could be improved as you continue into the new financial year?
Examine your customer base
It’s also valuable to analyse your existing customer base. Are you too reliant on a small number of customers? Would diversifying your customer base be beneficial? Review your revenue by measuring the contribution of each customer as a percentage of total revenue. Explore how you could upsell to existing customers or attract new ones. These questions are crucial for driving business growth in the year ahead.
Put together an ambitious yet achievable strategy
For sustained business growth in the new financial year, a solid business plan or financial strategy is essential. Reflecting on the past year is important, but so is setting goals for the year ahead. Clearly defined goals will guide your decisions and keep your long-term vision aligned with your business growth.
Create a financial forecast
To achieve your ambitious goals, you’ll need a financial framework for measuring progress. Collaborate with your accountant to develop a business strategy that includes a financial forecast for the next 12 months. This forecast should focus on key metrics, such as the number of customers per month and the value of each customer, to help you reach your goals. A cashflow forecast will ensure you can meet your financial obligations while working towards your targets.
Communicate roles for the new financial year
Effective communication is crucial for business growth and starting the new financial year on the right foot. Engage with your team to understand their needs and listen to their ideas. Ask them about the tasks and projects they enjoyed most and determine which were the most profitable. This approach helps you delegate work that aligns with both profitability and team members’ strengths.
Provide opportunities for feedback
Continue to engage with your team through meetings, discussions, brainstorming sessions, and feedback reviews. This open communication helps identify what is working well and what needs improvement. The same applies to your clients—ask them about their experiences with your business to uncover insights you might otherwise miss.
Without effective communication, you risk losing valuable team members and clients, or missing critical issues within your business. If you’re serious about growing your business, be open to fresh perspectives that can provide a clearer vision of your future and optimise how your staff are utilised in the new financial year.
Making confident business decisions is easier when you have the right financial partner by your side. Book a consultation with the q4 financial team to find out how we can help you make this financial year your best yet.
