EOFY set to bring opportunities for Gen Y, Z business owners: MYOB

In addition to this, 30 per cent of Gen Z and 27 per cent of Gen Y respondents expected to offer a sale during the EOFY period, while 7 per cent of Gen X and 2 per cent of Baby Boomer respondents said they would offer discounts.

Dean Chadwick, MYOB chief customer officer, said there was a widespread adoption of EOFY as a marketing opportunity, yet SME owners needed to think strategically to leverage this into long-term brand loyalty.

“Our previous research shows there is now greater expectation from consumers for brands to participate in sales seasons like EOFY and Black Friday,” he said.

“Our data indicates that Gen Z and Gen Y business owners are embracing this growing consumer need and are leveraging this moment to connect their brand to new audiences.”

MYOB noted that EOFY had embedded itself as a fixture in the calendar, with many businesses across the country offering discounts leading up to the 30 June cut-off, attracting billions in consumer spending.

“In a period where cost of living is top of mind for many Australians, EOFY sales may become a critical strategy for consumers to manage rising costs. For retailers of all kinds, this presents a significant opportunity for brands to attract new customers and increase brand visibility to a broader audience,” Chadwick said.

MYOB flagged that while the EOFY year was an opportunity for businesses, it was also a key time for reporting, which could result in additional administrative burdens for small business owners and operators.   

To help manage the potential increase in administrative obligations, MYOB suggested that SMEs consider their investment opportunities, stay on top of the organisation of their records, income and expenses, understand their entitlements, review cash flow, leverage or adopt cloud accounting tools and regularly consult their accountant.

Chadwick said businesses of all sizes needed to plan for the EOFY to balance the opportunity and compliance requirements of the “critical reporting milestone”.

“There’s a lot of tax time reporting considerations for small businesses, and for most, this type of work isn’t the reason they went into business – and that means, compliance reporting doesn’t come naturally. Engaging a trusted advisor is one way to help navigate this hectic time and take the stress out of EOFY.”

“It’s exciting to see younger generations of business owners thinking long term, taking calculated risks and prioritising growth. It shows that they’re committed to their vision and are looking for innovative ways to grow – and this often leads to stronger brands over the long term.”