End of financial year (EOFY) – is not just all about budgets and financial decisions…
And as June 30 approaches each year, it’s also the perfect time to review your working practices and business operations.
Just like January comes with a promise of a “new start”, or an opportunity to “start afresh”, EOFY can also bring a lot of opportunities to reflect and improve, so don’t neglect the practical benefits that a new financial year can also spark.
Streamline your business and improve your productivity
Let’s face it, we are usually pretty busy running our business day-to-day, or dealing with family, or binge-watching the latest Netflix show… oh, that’s just me, is it?
In all seriousness, I know I get caught up running my business and working with my clients that I don’t always take the time to check in on my business from the inside.
But here are 5 fantastic ways you can do an internal review and improve your business practices:
The “hardware and software review”
Is it time to upgrade hardware such as your laptop? Or software like Microsoft or design apps?
Now, this isn’t about succumbing to ‘shiny new object syndrome’.
Rather this is a chance to review if what you are currently using is still working to its optimum efficiency for you? If it is, then great! Keep going as you are for now. But if you know that your computer is slow and out of date, or your Microsoft license needs renewing, then you should use your business account to pay for these things (on a side note, I hope you are keeping a small percentage of your earnings aside for investments like this!)
The “subscriptions review”
Next, I move onto my subscriptions. This includes things like online newsletters, project management systems, design apps and so on.
I check what they currently cost me, when they expire, what level they are on and whether they are still what I need.
It’s a liberating feeling when you delete or unsubscribe to what no longer serves you but keep what is valuable.
The “box of receipts” review
Next, I tackle to huge shoe box of crumpled receipts….
No, I’m (half) joking. If my accountant is reading this, I promise, I take the organisation of my receipts very seriously, but I do get lazy through the year and don’t always keep up to date with all my finances. So EOFY is the prompt I need to get all my financials ship-shape.
It’s also provides an opportunity to get a snapshot of what I am spending money on and where my finances are in general.
The “client or product” review
I carry our regular end-of-quarter internal reviews on my clients and the work, but the end of financial year is a chance to give everything a through look.
You can reflect on how’s it going, what you are doing well, what can be better, what you’d like to stop/continue/start doing (traffic light review aka red/amber/green decisions) and how long it took for certain tasks to be completed.
This is a clever way to improve your productivity, which in turn improves your profit. And makes your clients or customers happy too!
The “supplier” review
Finally, I do personal review of my contractors and suppliers – who I’m connected with, what they’ve been doing in collaboration with me, who do I want to move on from, who do I want to be introduced to. This is very important. Just as important as whether you’re paying too much or a subscription that you don’t really need. You want to keep your collaborators in line with your company values, the quality you provide, the services you offer and the vibe your brand gives out.
Get cracking on Your EOFY Audit!
So, as you can see, EOFY is the perfect prompt to review your systems, what and who you work with, and look to the future with improvements. Or simply a chance to give yourself a pat on the back for doing a fab job already!
Looking for further help on effective working practices? INKBLOTVA are value‐adders. Carly and her team help businesses build valuable and productive strategies into business, large and small.
Get in touch via the website HERE.