Navigating Into 2018-19

As we approach the end of another financial year, it’s time to reflect, assess, and reset. Whether you're a startup or a well-established business, wrapping up your financial year with intention will give you a sharper edge going into the next one. Here's how to take control and prepare for success in the new financial year.

1. Review Business Efficiencies Beyond the Bottom Line

Profit is important—but it’s not the only measure of success. Efficiency plays a huge role in long-term growth. Take a deep dive into your systems and operations. What processes are working well? Where are the bottlenecks?

Evaluate efficiency not just by profit, but through indicators like:

• Time management

• Team collaboration

• Communication workflows

A business that runs smoothly behind the scenes is more resilient, agile, and profitable in the long run.

2. Avoid Cutting Costs in Isolation

Cost-cutting without strategic insight can backfire. Every expense has a purpose—so ask, “What impact will this cut have on operations?”

For example, slashing admin roles may reduce salary overheads, but it might push admin responsibilities onto high-value, revenue-generating staff. That means less billable time and more inefficiency. The result? A lower top-line income and increased frustration.

Make decisions holistically, considering both immediate savings and downstream impacts.

3. Build and Use a Strategic Budget

A well-thought-out budget isn’t a limitation—it’s a roadmap. Budgeting allows you to predict future performance, identify risks early, and take proactive action.

Tips for building an effective budget:

• Base it on real data, not wishful thinking.

• Consider internal capabilities and external market conditions.

• Include a buffer for unforeseen expenses.

• Compare actual performance to your budget regularly. Large discrepancies signal problems that need attention.

If revenue is falling short or expenses are creeping up, a clear budget will help you pinpoint exactly where and why, so you can fix it.

Final Thoughts

Getting your business in order before June 30 can make the world of difference. Don’t treat it as just another compliance deadline. Use this time to assess, align, and reset for growth.

Need help budgeting or reviewing your operations? At Dolman Bateman, we provide strategic insights and tailored advice to help you hit the ground running. Contact us today for an EOFY consultation.

Meeting with Gavin Bateman

Book Now

Disclaimer:

The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.