8 new financial year tips for small businesses

Published 1 day ago

With the new financial year upon us, Australian small business owners are presented with a golden opportunity to reassess, recalibrate and rejuvenate their business strategies.

A fresh start can pave the way for improved productivity, better cash flow management and overall business growth.

At OfficeHQ, we understand the unique challenges faced by small businesses and offer tailored call answering services to help you thrive.

Here are some essential small business tips to help you start the new financial year on the right foot.

1. Re-evaluate your business goals

The new financial year is the perfect time to revisit your business goals. Assess your achievements from the past year and identify areas that need improvement.

Set SMART goals – Specific, Measurable, Achievable, Relevant, Time-bound – to ensure clarity and focus. This approach will help you stay on track and measure your progress throughout the year.

You may also wish to consider ESG metrics (Environmental, Social, Governance) for your business.

2. Streamline operations with outsourcing and technology

Outsourcing tasks that may otherwise burden you and embracing technology can each significantly boost your productivity and efficiency, freeing up your time for more critical activities.

For instance, the technology behind our live phone answering services for small businesses – as well as our team of receptionists who actually answer your calls – can help you to maintain focus where it’s needed with complete peace of mind that:

Important calls won’t go unanswered
Business opportunities won’t be missed

With our professional answering services, you can have virtual receptionists take messages, handle basic customer enquiries, transfer calls when appropriate (pending your availability), schedule appointments and much more. All while you’re busy growing your business.

3. Enhance cash flow management

Effective cash flow management is crucial for the sustainability of any small business.

Start by reviewing your financial statements to identify trends and areas where you can cut costs. Implementing a robust invoicing system can also help ensure timely payments. And a Buy Now, Pay Later option for your customers – if suitable for your business model – may be beneficial.

Additionally, consider negotiating better terms with suppliers or exploring financing options to maintain a healthy cash flow. Keeping a close eye on your finances will help you make informed decisions and avoid potential pitfalls.

4. Enhance customer relationships

Building and maintaining strong customer relationships is key to long-term success.

Take the time to engage with your customers and understand their needs. Use their feedback to improve your products or services.

Implementing an answering service for your small business can significantly enhance satisfaction levels by ensuring your customers can always speak with a real person whenever they call – even if it’s outside your advertised business hours, depending on your preferences, due to our 24/7 call answering availability.

This means you can always provide personalised and professional responses to your customers’ queries, ensuring they feel valued and heard.

5. Stay compliant with regulatory changes

The start of the new financial year often brings regulatory changes that can impact your business. Be sure to stay informed about any amendments to tax laws, superannuation regulations, employment regulations, data privacy laws and industry-specific requirements.

Compliance is not only crucial for avoiding penalties but also for building a reputable business.

Consider consulting with experts, such as financial advisor or accountants, to ensure you are up-to-date with all necessary obligations.

6. Re-think employee development

Your employees are your most valuable asset. Investing in their development can lead to increased productivity and job satisfaction.

Provide opportunities for training and professional growth, encouraging a culture of continuous learning and innovation. Encourage hybrid/remote flexibility, if it makes sense for your business model. Consider employee well-being initiatives, mental health days and burnout prevention tools.

Happy and motivated employees are more likely to contribute positively to your business, driving it towards success.

7. Boost productivity

One of the most effective ways to enhance your productivity is by outsourcing time-consuming tasks.

OfficeHQ’s small business answering services are again a perfect example, enabling professional, remote-working receptionists to handle your call management while you focus on core business activities.

Calls are answered promptly and courteously, providing a seamless experience for your customers, without you either:

Becoming a slave to the phone and burning out trying to manage this yourself
Facing the significant cost of hiring in-house staff to answer calls, which is inefficient due to fluctuating call volumes and doesn’t provide coverage after hours

Other strategies can include tapping into freelancer platforms (like Upwork or Freelancer.com) for project-specific micro-outsourcing.

8. Prioritise cyber resilience and disaster recovery

After recent global cyber incidents and natural disaster disruptions (think bushfires, floods and cyclones), it’s also wise to maintain off-site backups, test disaster recovery plans, and ensure key systems are secure.

OfficeHQ is also beneficial in providing business continuity by ensuring your calls can continue to be answered during – or in the aftermath of – natural disasters.

Conclusion

Starting the new financial year with a clear plan and the right tools can set your small business up for success.

By re-evaluating your goals, outsourcing, leveraging technology, managing cash flow effectively, enhancing customer relationships, staying compliant, investing in employee development, boosting productivity and being prepared for a disaster, you can navigate the challenges ahead with confidence.

At OfficeHQ, we are committed to supporting Australian small businesses with our comprehensive phone answering solutions. Let us help you increase productivity and achieve your business goals for this financial year, starting with a 7-day answering service free trial so you can put our services to the test.

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