Did you know that 97.2% of all Australian businesses are small businesses? That’s a powerful statistic – and if you’re one of them, you play a major role in driving our economy forward. As the new financial year kicks off on 1 July, it’s the perfect time to take a step back, reflect, and re-strategise. Whether you’re looking to streamline your operations or scale your business, making informed decisions now can set the tone for a more successful year ahead.

Here are 5 essential steps small business owners can take to hit the ground running in the new financial year:

1. Review Your Financial Performance

Start by conducting a deep dive into your financials. Don’t just glance at the numbers – analyse your profit and loss statements, balance sheets, and cash flow reports from the past year.

Ask yourself:

  • Were there any periods of financial strain or surplus?
  • Which expenses can be reduced or reallocated?
  • Did your revenue streams perform as expected?

Understanding where your business stands financially is the first step in making smarter decisions for the year ahead.

2. Get on Top of Your Tax Obligations

The start of the financial year is also the best time to ensure you’re compliant with the Australian Taxation Office (ATO).

  • Key tax tasks include:
  • Lodging Business Activity Statements (BAS) accurately and on time
  • Identifying any eligible tax deductions or concessions
  • Keeping up with any updates to tax legislation that could impact your business

The ATO’s Small Business Newsroom and online tools are excellent resources to stay informed, but don’t hesitate to reach out to an advisor for tailored guidance.

3. Optimise Cash Flow Management

Cash flow is the heartbeat of your business. Poor management can hinder growth, even if sales are strong.

To improve cash flow:

  • Send invoices promptly and follow up on overdue payments
  • Monitor expenses regularly and identify areas for cost-cutting
  • Maintain a cash buffer to help cushion unforeseen challenges

By proactively managing your cash flow, you’ll build more resilience and flexibility into your operations.

4. Tap Into Government Support Programs

Each year, new programs, grants, and funding opportunities become available for small businesses – and many go unnoticed!

From digital transformation incentives to training subsidies and industry-specific grants, leveraging these programs can provide both short-term relief and long-term strategic benefits.

We recommend checking business.gov.au regularly or speaking to a business advisor who can point you toward relevant opportunities.

5. Create a Forward-Looking Growth Plan

Once your foundation is solid, it’s time to set your sights higher. Think about where you want your business to be 12 months from now and work backwards from there.

Consider:

  • Entering new markets or expanding your product/service offering
  • Investing in new technology or systems
  • Building a stronger online presence or e-commerce capability
  • Upskilling your team or improving internal processes

Clear, actionable goals are key to staying focused and making measurable progress.

Ready to Kick Off the New Financial Year Strong?

At BJT Business Advisors, we’re here to help you take control of your finances and future-proof your business. From tax planning and compliance to cash flow strategy and growth forecasting, we offer personalised support to help you navigate every aspect of business management.

📞 Contact us today to book a consultation – and let’s make this financial year your most successful yet.

FUTURE PLANNING, FUTURE FREEDOM

Setting you up for the future, from the very beginning.

We will nurture your freedom to succeed by supporting you to make sound financial decisions every step of the way. We work with business owners through all business stages and with business of all sizes.