EOFY is Over: 5 Smart Steps Small Business Owners Should Take Next
Posted 25 Jun
Posted 25 Jun
For many small business owners, the end of the financial year (EOFY) feels like the finish line. Once tax planning is complete, financial
statements are prepared, and compliance obligations are lodged, it is tempting to return to business as usual.
However, the businesses that achieve consistent growth rarely treat EOFY as an endpoint. Instead, they use it as a valuable
opportunity to review performance, set clear goals, and build a roadmap for the year ahead.
Whether you operate in construction, professional services, retail, hospitality, or another industry, the start of a new financial year is
the perfect time to step back and assess where your business is heading.
In this article, we explore five practical actions every small business owner should take after EOFY to improve
profitability, cash flow, and business performance.
Your EOFY financial reports contain more than just figures for your accountant or the ATO. They tell the story of your business over the
past 12 months.
Take the time to review:
• Revenue growth and overall profitability
• Cash flow performance throughout the year
• Your most profitable products, services, or client segments
• Areas where expenses increased unexpectedly
• Business activities that delivered the strongest return on investment
Understanding what worked well—and what did not—helps you make more informed decisions moving forward. The goal is not simply to review
numbers but to identify opportunities for improvement and growth.
Many business owners have broad ambitions such as growing the business, increasing profit, or hiring more staff. While these goals are
important, they become far more effective when supported by measurable financial targets.
Consider setting goals around:
• Revenue growth
• Profit margins
• Cash reserves
• Debt reduction
• Team expansion
• Operational efficiency
Clear targets provide direction and help you measure success throughout the year. Working with a business advisor can also help ensure your
goals are realistic, achievable, and aligned with your long-term vision.
One of the most effective ways to improve decision-making is through budgeting and cash flow forecasting.
A well-structured budget helps you plan for:
• Upcoming tax obligations
• Recruitment and staffing costs
• Equipment purchases
• Marketing initiatives
• Seasonal fluctuations in revenue
Cash flow forecasting allows you to identify potential challenges before they become problems. Rather than reacting to financial pressures
as they arise, you can make proactive decisions with greater confidence.
Businesses that regularly forecast cash flow are often better prepared to navigate uncertainty and take advantage of growth opportunities.
As businesses grow, the systems and processes that once worked well can become inefficient.
The beginning of a new financial year is an ideal time to assess whether your current systems are supporting growth or holding you back.
Areas to review include:
• Bookkeeping processes
• Invoicing and debtor management
• Payroll systems
• Reporting procedures
• Software integrations
Cloud accounting platforms such as Xero can provide greater visibility, automation, and efficiency. Streamlining processes often reduces
administrative workload while improving the quality of financial information available for decision-making.
One of the biggest reasons business goals fail is a lack of accountability.
It is easy to set ambitious objectives in July and lose focus by September when day-to-day operations take over.
Successful businesses typically implement regular review processes such as monthly or quarterly strategy meetings to:
• Monitor performance against targets
• Review financial results
• Identify emerging challenges
• Adjust plans when circumstances change
• Maintain momentum towards business goals
Accountability creates consistency and helps ensure your business remains focused on the activities that drive long-term success.
At Empire Accountants, our Business Advisory Services
and Empire Launchpad program provide business owners with
the structure, support, and accountability needed to stay on track throughout the year.
The end of the financial year should not simply mark the completion of compliance obligations. It should signal the beginning of your next
phase of business growth.
Businesses that regularly review performance, set meaningful goals, forecast cash flow, and maintain accountability are often better
positioned to make confident decisions and achieve sustainable growth.
Small improvements made consistently throughout the year can lead to significant long-term results. The most successful businesses are
typically those that remain proactive rather than reactive.
If you're unsure where your business is heading this financial year, now is the perfect time to put a plan in place.
Empire Accountants can help you establish meaningful business goals, improve cash flow, increase profitability, and create a clear roadmap
for growth.
Through our Business Advisory Services and Empire Launchpad program, we work alongside business owners to help them make smarter decisions
and achieve better business outcomes.
Contact Empire Accountants today to discuss how we can help your business grow this financial year.
For many small business owners, a new car is both a practical business tool and a significant financial commitment. One of the first questions we are often asked is: “Should I buy the car through my company, or should I own it personally?”
With the 2032 Olympics on the horizon and a decade of infrastructure spend rolling into the River City, Brisbane commercial property is
having its moment in the sun. And for business owners, one of the smartest wealth moves on the table is buying your own business
premises
inside your Self-Managed Super Fund (SMSF) – then leasing it back to your business. Rent you’d otherwise pay a landlord ends up building your
retirement nest egg instead. Genuis!
But – and it’s a big but – the rules changed on 10 August 2026. So before we get to the good stuff, let’s clear up exactly what you can and
can’t do now.
For Queensland builders, tradies and construction businesses, QBCC financial compliance is about more than completing another annual form. The financial position of a licensed business can affect its ability to continue operating under its contractor licence and take on work.