June is a scramble. July is the opportunity.
EOFY has a way of shining a spotlight on what’s working, and what isn’t. For small businesses in trades, construction and services, it’s easy to get caught in the day-to-day momentum of quoting, job sites, invoices, and compliance. But once the rush of June is behind you, July offers something rare: a chance to pause and reset.
At VBA, we see this every year. The most successful businesses aren’t the ones that work harder in July. They’re the ones that stop and look around. They take stock, ask questions, and use this fresh start to make better decisions for the year ahead.
Here’s how you can use July to your advantage.
Reflect on the Past Year…Honestly
Now that the books are closed and the tax work is (mostly) done, take a step back and assess. This isn’t about being hard on yourself, it’s about being curious. Where did your business perform well, and where did it struggle?
Start with your jobs: Were they as profitable as you’d hoped? Did you quote accurately? Did you account for all your time and materials? If you found yourself working long hours but still struggling with cash flow, that’s a sign something needs adjusting.
Also, think about your time. How much of it went to actual paid work versus admin, chasing payments, or redoing quotes? Many small business owners wear multiple hats, but it doesn’t have to mean late nights and constant stress. July is your chance to step back and ask, “What do I want to do differently this year?”
Review Your Systems
If EOFY felt chaotic, that might be telling you something. Often, it’s not the workload that’s overwhelming, it’s the systems (or lack of them) behind the scenes.
Think about how you’re handling key tasks:
- Are you still using spreadsheets where software could do the job faster?
- Are you quoting from scratch each time, instead of using a template?
- Is your payroll taking hours every week when it could be automated?
We work with a lot of business owners who manage their accounts manually, just because “that’s how we’ve always done it.” But small tweaks—like moving to cloud accounting, automating super payments, or using job tracking apps—can save hours every week.
These improvements aren’t just about saving time. They also reduce errors, improve reporting, and help you understand your business better. That means fewer surprises come EOFY next year.
Set One or Two Financial Goals
You don’t need a 20-page business plan to move forward. In fact, for many small businesses, setting one or two clear, realistic goals can be more effective.
For example:
- You might aim to increase profit per job by 10%, which could involve reviewing your pricing, tracking expenses more closely, or choosing more profitable work.
- You could set a goal to build up two months of operating expenses in reserve, giving your business a buffer against unexpected costs.
- Maybe you want to simply get your BAS and tax lodged on time, every time, and avoid the stress of deadline scrambles.
Whatever you choose, the key is to make it specific and measurable. July is a great time to draw a line in the sand and decide what success looks like for your business in the year ahead.
Talk to Your Accountant (Before It’s Urgent)
Too often, business owners only speak with their accountant when something’s gone wrong—or when tax is due. But the real value of a good accountant isn’t just compliance. It’s guidance.
July is the ideal time to have a proactive conversation. Book in a review. Bring your questions. Ask about:
- Tax planning strategies for the new year
- Cash flow forecasting
- Super obligations (especially with the 12% rate in place)
- Budgeting for equipment upgrades or hiring
Your accountant can help you spot risks, identify opportunities, and plan with confidence. And doing this in July, before the year gets too busy, means you’ll be ahead of the curve, not behind it.
Reconnect with Your Why
Finally, take a moment to remember why you started this business in the first place. Maybe it was for more flexibility. Maybe to work for yourself. Maybe to build something for your family.
Over time, it’s easy to get caught up in the grind. July is a chance to lift your head and ask: Is the business I’m running today still serving the life I want to live?
EOFY might be over, but your business story is far from finished. Use this new financial year as a reset. One step at a time, with the right advice and systems, you can build a business that works better, and works for you.
Need help making sense of your numbers or setting a plan for the new year?
At VBA, we work alongside small business owners in construction, trades, services and more to simplify the accounting side of things—and help you feel more in control of your business.
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.
