Are you all set for the End of financial year (EOFY)? What are the things that you need to consider? Christo’s here with a quick tip for all business owners. 

Highlights:
0:00 Intro
0:40 Spend to save
1:10 It’s time to reassess

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Christo: Hi there! So it’s the end of financial year… well coming up very soon. So a couple of things to think about… it’s a good time to reassess everything really like, what do you need to change? What do you need to consider? Now for some of you, you might have intentions to… say, sell your business. So right now you need to do a push. Push hard to get the revenue up, to get the profit up, because once the year’s been reconciled, you’re done, you can’t go back and change and make, “oh let’s make last year more profitable,” you can’t, so you might want to boost that right now, or, on the flip side, you want to just generate as much cash from your business as possible. So right now, maybe what you need to do is spend a little bit, or take as you know you want to get as much as you can out of your business. You might need to spend before the end of the financial year because otherwise, you’re going to end up paying more in tax anyway so it’s a good time to kind of spend if there are things you know you’re going to be investing in and spending and soon, then maybe right before~ you know before the end of the financial year, you need to get that invoice, you need to pay it because then it will help reduce your tax in this year, and then you start again next year. Good time to just fully reassess too, maybe like to look back over the numbers and go, you know, what were our profits, what were our best sellers, what can we focus more on, doing in the future to increase our profits and so on. So little end of financial year tip here for you, and any other questions get in touch with the team at Basic Bananas.