A Preparation Guide for the end of the Financial Year

Joe Stratford

Get all your plans in order before you're caught off guard by the new Financial Year.

hero background

As the financial year draws to a close, CTOs, CIOs, and IT Managers across Australia are gearing up for critical evaluations and strategic planning sessions to ensure a smooth transition into the upcoming fiscal period. This period marks an opportune time to assess current standings, recalibrate strategies, and set ambitious yet achievable goals for the new financial year. At Lynkz, we understand the importance of this juncture and stand ready to offer our expertise and support through our comprehensive IT consulting services.

Here's a detailed roadmap tailored specifically for you to navigate this crucial phase effectively:

Assess your business's current standing - What are some goals or projects you’d like to have done before the end of the financial year? 

Before the end of the year, it's crucial to assess your business's current standing across various metrics such as revenue, profitability, market share, and operational efficiency. Identify areas of strength and weakness to determine strategic priorities for the remaining months. Some goals or projects you may consider include: 

  1. Increasing sales revenue by X%.
  2. Improving customer satisfaction scores to exceed industry benchmarks.
  3. Launching a new product or service line to capitalize on emerging market trends. 
  4. Enhancing employee training and development programs to boost productivity and retention. 
  5. Strengthening partnerships or alliances with key stakeholders to expand your network and reach. 
  6. Implementing cost-saving measures to improve profitability and operational efficiency. 

What’s your budget looking like for the rest of the financial year? 

Review your current budget and financial projections to understand your available resources for the next few months. Consider factors such as revenue forecasts, fixed and variable expenses, capital investments, and cash flow constraints. Determine if any adjustments need to be made to align your budget with your strategic objectives and goals for the year as a whole. 

What steps can you put in place to achieve these goals? 

To achieve your goals before the end of the year, it's essential to develop a comprehensive action plan with clear timelines, milestones, and responsibilities. Some steps you can put in place include: 

  1. Breaking down larger goals into smaller, manageable tasks to facilitate progress tracking and accountability. 
  2. Allocating resources effectively to prioritize high-impact initiatives that align with your strategic objectives. 
  3. Establishing key performance indicators (KPIs) to measure progress and success. 
  4. Regularly monitoring performance and making necessary adjustments to strategies and tactics based on real-time feedback and market dynamics. 
  5. Fostering a culture of collaboration, innovation, and continuous improvement within your organization to drive collective efforts towards goal attainment. 

Would external help assist you in achieving these goals faster or cheaper? For example through temporary staffing or outside project management? 

Consider leveraging external resources and expertise to accelerate goal achievement and optimize cost-efficiency. Temporary staffing or outside project management can offer several benefits, including:

Access to specialized skills and knowledge that may not be available in-house. 

Scalability and flexibility to meet fluctuating demand and project requirements. 

Reduced overhead costs associated with hiring and training full-time employees. 

Faster project turnaround times and increased agility in responding to market opportunities and challenges.

Enhanced focus on core business activities while outsourcing non-core functions to external partners. 

If the answer to this question is yes, companies like Lynkz offer a range of bespoke augmentation and solution dev options that are suited to any sized business, reach out here for a free consultation today.  

Is there a simplified/less expensive version of these goals you can achieve if your budget gets lowered? 

In the event of budget constraints, it's essential to explore alternative approaches and prioritize initiatives that deliver maximum value at minimal cost. Consider: 

Identifying low-cost or no-cost strategies to achieve similar outcomes. 

Streamlining processes and eliminating inefficiencies to optimize resource utilization. 

Negotiating favorable terms with vendors, suppliers, and service providers to reduce costs. 

Leveraging technology solutions and automation tools to increase operational efficiency and productivity. 

Exploring creative financing options such as crowdfunding, grants, or partnerships to fund strategic initiatives without relying solely on internal budgets. 

As you answer all these questions, you should start to understand your plan for the rest of the financial year.  

As you prepare for the end of the financial year, consider partnering with Lynkz to unlock the full potential of your business. Contact us today to learn more about how Lynkz can support your business goals and drive success in the new financial year. Together, let's chart a course for growth and prosperity. 

Are you ready for real impacts tomorrow?
Start by saying hi today