NEW FINANCIAL YEAR = NEW OPPORTUNITIES
A financial year review isn’t just about looking backwards. It’s about making sure your business is financially prepared for what’s ahead.
1. Your New Financial Year Business Checklist
| Review Your Business Plan | Ask Yourself |
|---|---|
| Goals & priorities | Are your current goals still aligned with where you want the business to go? |
| Current strategies | Are your existing strategies delivering the results you expected? |
| Business changes | Have changes in your industry, customers or operations created new challenges? |
| New opportunities | Are there new markets, projects or opportunities worth pursuing? |
| Resources | Do you have the people, time and finance available to support your plans? |
2. Review Your Business Structure
As your business grows, the structure that worked for you initially may no longer be the most appropriate.
Changes in turnover, staffing, ownership or long-term goals may mean it’s worth reviewing whether your current business structure still suits your circumstances.
You may also be thinking further ahead about succession planning or retirement.
Your accountant or other professional adviser can help you understand whether your current structure remains appropriate and what changes, if any, may be worth considering.
3. Review Your Plant and Equipment
Equipment is often one of the biggest investments a business makes, so the start of a new financial year is a good time to assess your current assets and upcoming capital expenditure (CAPEX) requirements.
Ask yourself:
1. Is my current equipment still performing efficiently?
2. Are maintenance costs increasing?
3. Are any assets approaching the end of their useful life?
4. Could an upgrade improve productivity?
5. Will upcoming work require additional equipment?
Effective CAPEX planning can help you make better investment decisions, improve operational efficiency and avoid unexpected equipment costs.
If new plant, machinery, vehicles or other assets are part of your plans for the year ahead, it’s also worth considering your finance options early.
Planning an equipment purchase?
Don’t wait until you need the asset to start thinking about finance. Understanding your options early can help you plan your cash flow and move quickly when the right opportunity comes along.
4. Review Your Business Insurance
| Insurance Detail | What to Review |
|---|---|
| Sums insured | Do your current sums insured accurately reflect the value of your assets and business? |
| Business activities | Does your policy accurately describe the work your business currently undertakes? |
| Equipment & assets | Have you purchased new equipment or assets that need to be added to your cover? |
| Vehicles | Are your vehicle details and usage still accurate? |
| Storage & premises | Have your storage locations, premises or the way you use your assets changed? |
5. Review Your Business Finances and Cash Flow
Perhaps the most important item on your new financial year business checklist is your cash flow.
A profitable business can still experience cash flow pressure if money coming into the business doesn’t align with when expenses need to be paid.
Preparing a cash flow forecast can help you identify potential shortfalls before they become a problem. Business.gov.au provides guidance on managing cash flow and preparing a cash flow statement, which can be useful when reviewing your finances for the year ahead.
Check Your Existing Finance Facilities
| Your Plans | Finance Question |
|---|---|
| New equipment | Will you need finance for plant, machinery, vehicles or other assets? |
| Working capital | Will your business need additional working capital during the year? |
| Existing facilities | Are your current finance facilities still suitable for your business? |
| Upcoming projects | Will upcoming projects require additional funding? |
| Repayments | Are your current repayment commitments manageable alongside projected cash flow? |
The answers can help you determine whether your existing finance arrangements are supporting your business—or whether it’s time to review your options.
Turn Your New Financial Year Review Into an Action Plan
Completing a checklist is useful, but the real value comes from acting on what you find.
Once you’ve reviewed your business plans, structure, equipment, insurance and finances, identify the priorities that need attention and create a timeline for addressing them.
Some decisions may be immediate, while others may form part of a longer-term strategy.
For example, if you know you’ll need to replace a vehicle or purchase new equipment later in the year, planning the purchase and finance requirements ahead of time can give you more flexibility when the time comes.
The same applies to working capital. Understanding your projected cash flow can help you identify potential funding needs before a shortfall puts pressure on your business.
Start the New Financial Year With a Clearer Financial Plan
This new financial year business checklist can help you review where your business is today and where you want it to be 12 months from now.
By reviewing your business plan, structure, equipment, insurance and finances, you can identify potential risks, prepare for upcoming expenses and make better-informed decisions about growth.
If your plans for the year ahead include new equipment, additional working capital or changes to your existing finance facilities, the team at Access Capital can help you explore your options.
Talk to Access Capital about your business finance requirements for the year ahead.
Whether you’re planning an equipment upgrade, a property move, or your next stage of growth, the right broker makes the whole journey simpler. That’s exactly where Access Capital comes in. So get in touch with our team today, and let’s find the finance solution that fits your business.
