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Essential planning tips for the new financial year

Business

With the new financial year almost upon us, it is critical for business owners to move past EOFY and get their heads in 2025. 

By Michael Jeffriess, LightYear Group 11 minute read

Business owners are up in arms every year about EOFY, getting their tax, legals, and paperwork in order. But here’s what they should be doing around this time of year: planning for the next financial year. SMEs need to stop worrying about EOFY 2024 when their heads should be in 2025.

Here's how business owners can move forward: 

Stay ahead of the game

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Planning for 2025 now means you'll have a clear vision and actionable goals to drive your business forward. Create your strategic plan now, to set a strong foundation for the year ahead. This proactive approach ensures you’re not just reacting to changes but anticipating and leading them. Get proactive, rather than reactive.

Forecast finances for 2025

Accurate financial forecasting can set you up for success. Use 2024 data to predict trends and make informed decisions for 2025. By analysing your financial performance and market conditions, you can create a budget that supports your strategic goals, identifies potential risks, and allocates resources effectively.

Innovate and adapt

Innovation is key to staying competitive. Focus on new ideas and technologies that will shape your business in 2025. For cost and time efficiency, invest in new software or elevate your app stack. For product development, explore emerging markets, survey your audience to ask what they want, and build new products or services. Staying open-minded is the key to pivoting quickly in response to industry changes and customer needs.

Team alignment

Ensure your team is on the same page with your 2025 goals. Effective communication and alignment are crucial for achieving success. Meet with your leadership team to collaborate and plan, then meet with the wider team to share objectives and timelines. Get everyone on board with the big picture and let them know how important their roles are in this play!

Celebrate the wins

It’s important to pause and celebrate how far you’ve come. Whether with your team, family, or clients, take a moment to reflect on the past year, and your overall time in business, and be truly grateful to yourself and those around you for all you’ve achieved. Acknowledging successes boosts morale and reinforces a positive company culture.

Get clear on priorities

As the CEO, clarity on your focal areas is essential. Identify three key areas to prioritise in the coming year. For instance, they could be marketing, people (team and clients), and strategy. By focusing on these areas, you can direct your energy and resources toward initiatives that will have a significant impact on your business.

Look forward

Shifting your focus from end-of-year frenzy to strategic planning can transform your business approach. Embrace this opportunity to look ahead, innovate, and align your team with your vision for 2025.

By Naked Accounting and LightYear Docs director, Michael Jeffriess.

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