How to Prepare for End of Financial Year

Today's Next LVL Business Tip is all around how to prepare for end of financial year.

There are a few ways that you can prepare for end of financial year.


Here are 5 ways to ensure you are prepared for end of financial year: 

#1 Know Your Numbers - The very first thing you should do is to know your numbers. Even if you've got a bookkeeper and accountant the onus is on you as the business owner or the manager to know exactly the position of your company financially. So jump into the books, have a look and know your numbers.


#2 Perform Business Health Check - The second thing that you can do to prepare for end of financial year is to do a health check on your business. Go beyond the numbers have a look at your strategy. Go back, what were you goals from 1st of July? Have you achieved them?Have a look at your marketing? Have a look at your team? Have you got a good culture? Do a health check end to end. And that with that detail you can then build your strategic business plan for the next financial year.


#3 Build Strategic Business Plan - So that's the third thing you should do to prepare for the financial year. And if you can, do it in quarter four. Don't do it in quarter one because you want to be able to hit the ground running.


#4 Forecast Budget & Cashflow - The four thing that you can do to prepare during end of financial year is to forecast your next financial year budget and your cashflow. That way you can really understand when do you need to hire new people? When can spend money? And when do you need to get the sales out there and build the pipeline?


#5 Communicate Your Plan - And the very last thing that you can do to prepare for end of financial year is to communicate with your team. Let them know how you've gone in the year that has passed and let them know what the plan is for next year.


So they're the five ways you can prepare for end of financial year.


If you're ready to tackle 2021 (or Q1/Q2 of Financial Year 2022) with gusto then book a Strategic Planning session with the team at LVL UP Consulting today. 

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