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13th July, 2023

Positioning your small business for growth: Essential tips for the new financial year

The start of a new financial year brings fresh opportunities for small and medium businesses to set their sights on further success.

It’s a great time to reflect on the past and plan for the future.

Whatever your industry, we’ve collated some valuable tips that will help you position your business for growth in the coming year.

Set clear and realistic goals

You need to clearly define what you want to achieve, so be specific, measurable, and realistic, and put timeframes on things.

If you’re keen to develop a new product offering, make a plan for when you want to launch it.

Get clear on what it will offer your customers, and put together a checklist of steps involved in bringing it to life.

New financial year tidy up

Now consider if you want an early, less-refined version you can test out in the market, or if you want to go straight to a consumer-ready option.

When it comes to determining what you want to achieve over the coming financial year, consider both short- and long-term goals, and break them all down into actionable steps.

By having a clear vision, you’ll be able to chart your progress effectively and make more informed and timely decisions.

Analyse your financials

Understanding your firm’s financial situation is vital for strategic planning.

You need to take a close look at your revenue, expenses, and cash flow over the past 12 months.

From this examination, identify areas where you can cut costs or improve efficiency.

Also, look for opportunities, such as products or services that were unexpectedly successful, that point to areas you might be able to concentrate on more in the coming year.

Never overlook the importance of accurate accounting when it comes to business growth.

Consider using reliable accounting software that streamlines your financial processes, providing real-time insights and reducing manual errors.

The MYOB Business Management Platform helps automate many accounting and financial processes and makes other numerous other tasks much less time-consuming.

This means you can remove many bottlenecks in your business and ensure information is updated regularly and time-sensitive paperwork related to tax, employee payments and superannuation, and the like, gets submitted on time, every time.

New financial year management tips

Know your market

You should also stay updated on the latest trends and changes in your industry.

Monitor your competitors and identify what sets your business apart.

While you might have done this research in the past, things can change quickly and there may be many new competitors or even one big one that you need to know more about.

Conduct market research to understand your target audience better, too.

Customer feedback and surveys can offer valuable insights into client needs and show you where to adapt your products or services to provide exceptional value.

Develop a strong online presence

In today’s digital age, having a robust online presence is crucial.

Ensure your website is user-friendly, mobile responsive, and optimised for search engines so you don’t fall behind.

Engage with your audience through social media platforms that align with your target market, and be willing to try new avenues if you discover that your audience is now using newer offerings.

Plus, consistently produce high-quality content that showcases your expertise and builds trust with your customers.

Keeping your business online and relevant

Nurture customer relationships

Also keep in mind that your existing customers are a goldmine for growth, yet something that many leaders don’t focus on enough.

It’s vital to concentrate on building strong relationships with your clientele to extract more value from them.

It pays to offer personalised experiences, exceptional customer service, and loyalty programs to encourage repeat business.

Implement customer relationship management (CRM) tools to keep track of interactions and preferences and look for ways to ask shoppers for referrals and testimonials and reviews.

Leverage email marketing campaigns to stay connected and nurture leads throughout the financial year, too.

Invest in employee development

Your employees are the backbone of your business, so it’s essential to invest in their growth and development to unlock their full potential.

Provide training programs, workshops, and opportunities for skill enhancement, with a potential focus on new technologies and programs.

These days, many people are looking not just for a good wage but also for opportunities for advancement.

If you provide these, you’re more likely to keep your staff members for longer and retain their valuable knowledge and skills in-house.

Plus, foster a positive work culture that promotes teamwork, creativity, and innovation.

Doing so will motivate your employees more and help them to innovate things in the business and boost growth in turn.

Also, be sure to recognise and reward employee achievements to help you create an even more motivated and loyal workforce.

employees looking at computer

Embrace technology and automation

Next, leverage technology to streamline your business operations.

Look for automation tools that can simplify repetitive tasks, freeing up time for more strategic activities.

MYOB’s accounting software can be set up to automatically email invoice reminders when customers haven’t paid their bills, or to immediately assign certain incoming or outgoing amounts to regular business transactions.

Implementing efficient project management and communication tools can boost productivity and ensure smooth operations.

Collaborate and network

Networking is a powerful tool for growth and one you don’t want to discount.

It’s wise to spend some time connecting with fellow business owners, industry experts, and potential partners.

Attend industry events, conferences, and trade shows to expand your network.

Building strong relationships within your industry can open doors to new markets and collaborations.

Relationship marketing

Monitor your firm’s Key Performance Indicators (KPIs)

Identify the metrics that matter most to your business and track them consistently.

This will help you measure progress towards your goals, identify areas for improvement, and make data-driven decisions.

Some common KPIs to measure include costs per lead, conversation rate, customer lifetime value, employee turnover rate, and inventory turnover rates.

Stay agile and be willing to adapt

The business landscape is ever-changing. To position your business for growth, you need to be adaptable and willing to embrace change.

Remember that innovation and flexibility are key drivers of success in today’s dynamic marketplace, and you can’t usually keep doing things the same way if you want to generate different results.

As you embark on a new financial year, remember that positioning your business for growth requires careful planning, a customer-centric approach, and an agile mindset.

By taking the steps mentioned above, you’ll be well on your way to achieving sustainable growth.

Embrace these tips, adapt them to your unique circumstances, and watch your business unleash its true potential.