7 Small Business Success Tips for the New Financial Year

The start of a new financial year is the perfect time to reset, refocus, and plan for success. Whether you're a sole trader or managing a growing team, having a clear strategy can set the tone for the months ahead. At The Small Business Book (TSBB), we help business owners across Australia feel more confident and in control of their financial future.

Here are seven actionable tips to help you start the new financial year strong and set your business up for success.

1. Reflect on the Past Year

Before diving into planning, take a step back. Review what worked, what didn’t, and what you learned. Ask yourself:

• Did we meet our revenue and growth goals?

• What were our biggest expenses or time-wasters?

• What client or service delivered the most value?

  
  

Use these insights to inform your next steps. Financial planning for small business in Australia starts with understanding your baseline.

2. Set Clear, Measurable Goals

Business goals for the new financial year should be specific, realistic, and aligned with your overall vision. Whether it's improving cash flow, hiring new staff, or expanding your services, set milestones and assign timelines.

Tip: Break your goals down quarterly and review progress regularly. If you're working with a virtual CFO, they can help track your financial KPIs.

3. Create a Budget and Cash Flow Forecast

Cash flow is the lifeblood of small business. A clear financial roadmap helps you:

• Prepare for seasonal fluctuations

• Plan for expenses like BAS, GST, and super

• Avoid cash shortfalls

  
  

Use a bookkeeping checklist for EOFY to make sure you’ve captured all your income, expenses, and obligations. If bookkeeping feels overwhelming, TSBB offers done-for-you packages that make EOFY stress-free.

4. Review Your Compliance Obligations

EOFY tips for small business always include reviewing your compliance. Make sure you:

• Lodge your BAS and PAYG on time

• Reconcile superannuation payments

• Check that your Single Touch Payroll (STP) data is up to date

• Update your financial records for the ATO

  
  

This is also a good time to review contracts, renewals, and employee records to avoid future headaches.

5. Invest in Financial Support

How to prepare your business for EOFY? Don’t go it alone. A Virtual CFO (Australia) offers strategic financial oversight without the cost of a full-time hire. They can:

• Help you plan and stick to a budget

• Interpret financial reports

• Provide advice on scaling or reducing costs

  
  

If your numbers don’t make sense or you’re not sure where to cut or grow, a Virtual CFO can be a game-changer.

6. Automate and Streamline

The new financial year is an ideal time to review your tech stack. Can you:

• Switch to cloud bookkeeping (like Xero or MYOB)?

• Automate invoicing and payroll?

• Reduce double handling and manual entry?

  
  

Streamlining your systems saves time, reduces errors, and gives you more clarity. TSBB can help assess your systems and suggest upgrades tailored to your business.

7. Focus on People & Culture

Financial success isn’t just about numbers - it’s about your team, too. Set goals around:

• Staff engagement and retention

• Training and development

• Workplace culture and values

  
  

Your people are your biggest asset. Start the year by scheduling 1:1 check-ins, reviewing workloads, and identifying areas for growth.

Common Mistakes to Avoid in the New Financial Year

Even with the best intentions, small business owners can fall into common traps. Here’s what to watch out for:

1. Skipping Regular Financial Reviews

Avoid relying solely on EOFY to assess your financials. Schedule monthly check-ins to stay on track with budgets, KPIs, and profitability.

2. Not Keeping Business and Personal Finances Separate

Mixing finances can cause bookkeeping confusion and potential compliance issues. Use separate accounts and track expenses accurately.

3. Ignoring Cash Flow Warning Signs

Late payments, rising debt, or dipping reserves are red flags. Don’t wait - address them early with support from your bookkeeper or CFO.

4. Letting Admin Stack Up

Invoicing, payroll, and reconciliations pile up fast. Automate where possible, and outsource tasks that drain your time and energy.

5. Failing to Plan for Tax Obligations

Not setting aside tax or super payments can lead to panic come due dates. Use forecasting tools and get professional help to stay prepared.

6. Underinvesting in Your Team

Retention challenges often stem from lack of support or engagement. Prioritise training, recognition, and career development opportunities.

Avoiding these pitfalls can dramatically improve your business resilience and profitability over the year.

FAQs: New Financial Year Planning for Australian Small Businesses

What are the most important EOFY tips for small business?

Start early, reconcile all accounts, lodge BAS and tax obligations on time, and review your financial systems. Don’t forget to celebrate your wins, too!

How do I set business goals for the new financial year?

Start with a review of your past performance. Use SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) and assign timelines.

What should be on a bookkeeping checklist for EOFY?

Include reconciliations, outstanding invoices, payroll summaries, super payments, GST lodgements, and up-to-date records for all expenses.

Is hiring a Virtual CFO worth it for a small business?

Yes! Especially if you want expert advice on budgeting, forecasting, and growth without committing to a full-time salary.

How can TSBB help me plan for the new financial year?

We offer Virtual CFO packages, bookkeeping support, and People & Culture services tailored for Aussie small businesses. Our team simplifies the complex so you can focus on what you do best.

Ready to hit the ground running this financial year?

📞 Book a free call with Jess or Lisa today.