Did you know that 97.2% of Australian businesses are small businesses? That’s massive — and if you’re one of them, you’re not just running a business, you’re driving Australia’s economy forward.

As the new financial year kicks off on 1 July, this is the best time to pause, reflect, and reset. Whether you want to streamline your operations, reduce stress around tax, or finally scale up, setting clear new financial year business goals gives you focus and direction.

Here are 5 essential steps every Australian small business owner should take to start the financial year strong:

1. Review Your Financial Performance

Think of this as your annual report card. Don’t just skim the numbers — dig deep.

Go through:

  • Profit & loss statements to see where money came in (and leaked out).

  • Balance sheets to understand your assets and liabilities.

  • Cash flow reports to check if money’s moving smoothly.

Example: If your café had strong December sales but January tanked, that’s a clue you may need to run a “New Year” promotion to balance seasonal dips.

👉 Knowing your strengths and weak spots now will help you avoid repeating mistakes and double down on what works.

2. Stay on Top of Your Tax Obligations

ATO compliance isn’t just a box to tick — it protects your business from penalties and unnecessary stress.

At the start of the year, set up a system for:

  • Lodging your Business Activity Statements (BAS) on time.

  • Identifying eligible deductions and concessions (home office, tools, training, subscriptions).

  • Staying across legislative changes that could affect your tax position.

Example: The ATO recently updated rules around instant asset write-offs. Miss it, and you could be leaving money on the table.

👉 Bookmark the ATO Small Business Newsroom or lean on your advisor to keep you ahead.

3. Optimise Cash Flow Management

Sales mean nothing if your cash isn’t flowing. Many businesses collapse not from lack of work, but from poor cash flow.

Ways to tighten it up:

  • Send invoices quickly and set clear payment terms (14 days, not 60).

  • Use accounting software with automatic reminders to chase overdue clients.

  • Cut sneaky “zombie expenses” — subscriptions or tools you don’t use but still pay for.

  • Keep a 3-month cash buffer to cover wages, rent, and tax.

Example: A tradie with steady jobs but slow-paying clients might use invoice financing to cover materials upfront — giving breathing room while payments roll in.

👉 Strong cash flow = peace of mind + flexibility to invest in growth.

4. Tap Into Government Support Programs

Each year, millions in grants and incentives go unclaimed. Why? Most small business owners are too busy to look.

Potential opportunities include:

  • Digital transformation grants to upgrade systems or software.

  • Training subsidies to upskill staff.

  • Industry-specific funding for growth or innovation.

Example: A wellness studio could apply for training subsidies to support staff development, while a manufacturing business might access export grants to go international.

👉 Visit business.gov.au or ask your advisor to flag programs you may qualify for. Free money is always worth chasing.

5. Create a Forward-Looking Growth Plan

Once your foundation is solid, it’s time to grow — on purpose, not by accident.

Think about:

  • Expanding services (e.g., a plumber adding smart home installations).

  • Investing in technology to automate admin and save hours.

  • Strengthening your online presence with SEO, social media, or e-commerce.

  • Upskilling your team so they can take on more responsibility.

Example: If your goal is to double revenue in 12 months, map out exactly how many clients, projects, or sales you’ll need — then reverse-engineer the steps.

👉 A growth plan isn’t a “nice to have.” It’s your GPS for the year ahead.

Ready to Kick Off the New Financial Year Strong?

At BJT Business Advisors, we help small businesses just like yours with:
✅ Tax planning & compliance — no more last-minute stress.
✅ Cash flow strategies — so you can sleep at night.
✅ Growth forecasting — helping you plan, not just react.

📞 Book a free consultation today 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.