87% of businesses fail to achieve their strategic goals according to online reports. Are you in the struggling majority, or the successful minority?
The difference often lies in how they approach the critical period spanning the calendar year-end and the mid-point of the financial year. It’s the perfect time to check in on and take action on the goals set at the beginning of the year. For many businesses, it feels like a time to wind down, but if you can find the energy to keep your goals in sight, you can be lightyears ahead of your competition come February.
By adopting this mindset and implementing targeted strategies, your business can join the ranks of those who don’t measure success—they create it.
This guide offers practical, data-driven approaches to turn your business objectives into concrete achievements. Whether aiming to boost revenue, streamline operations, or innovate your product line, these strategies will help you navigate the unique Australian business landscape and emerge stronger, more efficient, and primed for success.
Ready to be part of the 13% that consistently hits their marks? Read on.
Assess Current Position
Before embarking on year-end initiatives, evaluate your company’s standing:
– Review financial performance for the first half of the financial year
– Analyse progress towards existing goals set for both calendar and financial year
– Identify areas needing improvement in the context of Australian market conditions
– Recognise successful strategies to build upon for the remainder of the financial year
Set Clear Objectives for the Final Quarter
With a solid understanding of your position, establish specific, measurable goals:
– Define key performance indicators (KPIs) aligned with both year-end and mid-financial year benchmarks
– Ensure goals complement overall annual targets for the financial year
– Break larger objectives into manageable milestones, considering both year-end and mid-financial year timeframes
– Assign ownership and deadlines for each goal, factoring in holiday seasons unique to Australia
Optimise Cash Flow
Maintaining healthy cash flow is crucial for success in this dual-quarter period:
– Accelerate accounts receivable collection before the holiday slowdown (or busy period, depending on your industry)
– Negotiate favourable payment terms with suppliers, considering the Australian business calendar
– Consider offering early payment discounts to customers to boost pre-holiday cash flow
– Review inventory levels and adjust for both year-end demands and preparation for the second half of the financial year
Leverage Tax Planning Opportunities
This period offers unique tax planning opportunities for your business, especially if things have changed significantly throughout the first half of the financial year.
– Schedule a meeting with your accountant to discuss mid-financial year strategies
– Review potential deductions and credits that are available
– Consider timing of income and expenses for the remainder of the financial year
– Explore options for managing taxable income
Boost Sales and Marketing Efforts
Increase revenue by ramping up sales and marketing activities:
– Launch promotions targeting both year-end and summer holiday shoppers in Australia
– Target dormant customers with reactivation offers tailored to the Australian market
– Upsell or cross-sell to existing clients, focusing on needs specific to the Australian business environment
– Optimise your online presence for holiday shoppers and early-year planners
Streamline Operations
Improve efficiency to maximise productivity during this dual-quarter period:
– Identify and eliminate bottlenecks in processes
– Automate repetitive tasks where possible to prepare for potential holiday staffing fluctuations
– Outsource non-core activities to free up internal resources for both year-end and mid-financial year priorities
– Implement productivity-enhancing tools or software suited to your specific business needs
Invest in Employee Development
Empower your team to drive success across both year-end and mid-financial year:
– Provide targeted training to address skill gaps in your organisation
– Offer incentives for achieving year end goals
– Foster a culture of continuous improvement aligned with your workplace values
– Recognise and reward exceptional performance
Conduct a Technology Audit
Ensure your tech stack supports your business goals. You are allowed to use technology to increase your competitive advantage:
– Evaluate current systems for efficiency and effectiveness
– Identify areas where technology could streamline processes
– Research potential upgrades or new solutions, prioritising those compliant with Australian regulations
– Plan for implementation of critical tech improvements
Strengthen Client Relationships
Build loyalty and drive repeat business in the Australian market:
– Schedule mid-financial year review meetings with key clients
– Proactively address any outstanding issues or concerns
– Seek feedback on your products or services
– Explore opportunities for expanded partnerships in the coming half of the financial year
Plan for the New Calendar Year and Second Half of the Financial Year
Use this period to lay the groundwork for future success:
– Begin drafting your business plan for the upcoming calendar year, aligning it with financial year goals
– Identify potential growth opportunities or new markets; it’s time to be creative
– Assess staffing needs for the coming months, keeping in mind seasonal fluctuations and planned growth
– Develop preliminary budgets and forecasts that bridge calendar and financial year planning
Monitor and Adjust
It’s ok to adjust your plans as new information comes to light:
– Regularly review progress towards goals set for both year-end and mid-financial year
– Be prepared to pivot strategies if needed, considering both short-term and long-term impacts
– Celebrate milestones and successes along the way
– Learn from setbacks and apply insights to future planning
By implementing these strategies, you can maximise your performance, positioning yourself for success for the remainder of the year. The key to achieving your goals lies in careful planning, consistent execution, and the ability to adapt.
Need help? Talk to the team at VBA today.
At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
Victor Bimrose Accountancy Pty Ltd (ASIC No. 1259423) ABN 53 010 957 294 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361.
General Advice Warning: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.
