5 Ways to prepare for the end of the 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.

The end of financial year preparations are at the forefront of many business owner’s minds. It is the perfect time to reflect upon the successes and changes that your business has undergone and a time to plan and prioritise your goals into the future.

Aspects of your business you may wish to review include:

  1. Undertaking a business health check (look for areas of improvement, or ways to save money or improve productivity)
  2. Revising business workflows (look into standardising processes, eliminating paper based processes and filing)
  3. Protecting your intellectual property (ensure workplace computers and printers are secure, and that you have a document management system)
  4. Purchasing new equipment (look into tax cuts and asset depreciation write offs)
  5. Reducing environmental footprint (reduce energy use and waste, recycle, install energy saving devices).

An astute business owner will always ensure that their business is well documented and organised so that when it comes time to sell their business, they are able to substantiate the value of their business and sell it for the best possible price in the shortest time.

The start of a new financial year is the perfect time to start thinking about your personal and business goals and how you can keep your business sale-ready at all times of its life cycle.

If you are interested in finding out more or obtaining a strictly confidential, obligation-free business appraisal, simply call (+61 411 568 868) or email (klee@firstchoicebb.com.au) us at First Choice Business Brokers. Alternatively, click here to register your details.