Setting your business up for success this new financial year

business person looking to the sky for business success

No matter what industry you are in, a new financial year is an excellent opportunity to look for ways to improve your business – whether that’s expanding into new markets or streamlining operations to become more efficient.

With this in mind, what specific things can you do to make the 2022-23 financial year your best one yet?

Here are four ideas:

1. Regularly update your cashflow forecasts

We all know cash flow is the lifeblood of every business. If you want to stay in the game – let alone grow and scale – you need to make sure the cash keeps flowing, regardless of any sticky situations that may lie ahead. So make it a habit this year to regularly update your cash flow forecasts so you can quickly spot threats or opportunities to your finances ahead of time.

It would help if you also had a solution up your sleeve should cashflow problems start hampering your growth plans. An expert commercial finance broker can help with this, as they’ll be able to find you funding solutions to free up cash that might otherwise be tied up.

2. Refinance your business loans

Speaking of commercial finance, it’s a good idea to regularly review your business loans to ensure you get the best deal possible – especially if your business has grown or matured since you first secured finance. Refinancing a commercial property loan could also help you free up capital to invest back in the business. 

3. Boost productivity with new machinery and technology

Investing in newer, faster machinery can streamline your business operations or production processes, so you get more done in less time. But that’s not the only benefit, as increasing your output means you can take on additional clients or make more sales, helping you expand and grow. New technology and machinery can also help you save money on costly repairs or downtimes and reduce the margin for human error.

4. Take advantage of generous government grants and tax breaks

Australia is a great place to run a business due to our political stability, highly-educated workforce and strong, resilient economy. Even better, there’s a range of generous government grants, incentives and tax breaks that can help boost your business, including:

  • The instant asset write-off – your business can claim a deduction for the total amount of an asset in the financial year in which it was purchased, rather than over several years
  • Small Business Technology Investment Boost – your business can deduct an additional 20% of the cost incurred on business expenses and depreciating assets that support their digital adoption
  • Small Business Skills and Training Boost – your business can deduct an additional 20% of the expenditure incurred on eligible training courses provided to staff

Looking for a business loan or asset finance? NMC Finance is an experienced commercial finance broker and can help. Contact Nathan Coad on 0498 766 639 or nathan.coad@nmcfinance.com.au to find out more.