5 ways to prepare for the end of financial year
Whether or not you’re looking to sell in the short term, a wise business owner will ensure their business is ALWAYS sale ready. You never know what life has in store for you around the corner. The end of financial year is a great time for small businesses to get things in order. Think about finalising your bookkeeping tasks, take stock of where your business is at, and gather new energy for the year ahead. Here’s 5 ideas: undertake a business health check (look for areas of improvement, or ways to save money or improve productivity); revise business workflows (look into standardising processes, eliminating paper based processes and filing); protect your intellectual property (ensure workplace computers and printers are secure, and that you have a document management system); purchase new equipment (look into tax cuts and asset depreciation write offs); and reduce environmental footprint (reduce energy use and waste, recycle, install energy saving devices). Keep your business sale-ready at all times of its life cycle.