As the end of the financial year approaches, Perth businesses are gearing up to review their financials, assess their performance, and plan for the year ahead.

At Aspire Performance Training, we understand the importance of being well-prepared during this critical period.

Here are our top EOFY tips to ensure your business is in the best position for success.

1. Review Financial Performance

Analysing your financial statements is crucial. Examine your profit and loss statement, balance sheet, and cash flow statement to understand your business's financial health. Compare your budget projections against actual performance to identify variances and adjust future budgets accordingly.

2. Tax Planning

Ensure you’re taking full advantage of available tax deductions and credits. Consult with a tax professional to minimise your tax liabilities. Consider deferring income to the next financial year if it helps reduce your current year’s taxable income.

3. Expense Management

Prepay expenses like rent, insurance, or professional subscriptions to claim a deduction in the current financial year. Review your fixed assets to see if any can be written off or depreciated to reduce taxable income.

4. Inventory Management

Conduct a thorough stocktake to ensure your inventory records are accurate and write off any obsolete or damaged stock. Evaluate your inventory levels to align with sales forecasts and minimise holding costs.

5. Debtors and Creditors

Follow up on overdue accounts receivable to improve cash flow. Assess your credit terms with suppliers and negotiate better terms if possible.

6. Compliance and Documentation

Check that all statutory and compliance obligations are met, including BAS and GST lodgements. Ensure all financial records, including receipts and invoices, are well-organised and stored securely.

All businesses need to design policies, processes, and procedures to guide operations, strategy, and workflow. These policies set the expectation for employee behaviours and outline easy-to-follow steps to ensure compliance and consistency, maintaining quality output.

At Aspire Performance Training, we have experienced experts in all facets of Writing and Designing Policies, Processes, and Procedures for companies, from HR to Work Health and Safety, including OHS Audits and reports.

7. Business Planning

Reflect on the past year’s performance and set achievable goals for the upcoming year. Revise your business plan to incorporate new goals, market conditions, and strategies. Strategic Plans and Business Plans are essential to the success of a business.

Our Strategic Planning is all about determining the direction in which you want to take your business. It requires you to shift your focus from the day-to-day concerns of your business and to consider your broader and longer-term goals, putting strategies in place to achieve this.

Our Business Plan will set out a detailed roadmap for you to follow to ensure all stakeholders remain on track to achieve your short-term goals and continue company growth.

8. Training and Development

Invest in training to address skill gaps and improve performance. Enrol key staff in leadership development programs to build a strong leadership pipeline.

As qualified international executive coaches, Aspire PT offers executive coaching and leadership development training to help both teams and individuals gain self-awareness, clarify goals, achieve their development objectives, and unlock their potential, using proven strategies such as The Human synergistically LSI program, click colours, DISC and MBTI.

9. Staff Training and Skills Matrix Development

At the end of the financial year, it’s crucial to evaluate the skill sets within your team to identify areas for improvement and growth. Developing an effective and adaptive training and skills matrix can significantly enhance overall performance within roles and unleash staff potential. By understanding the skills available and those that are missing, businesses can better plan for the future and ensure they have the right capabilities to achieve their goals.

Aspire Performance Training has experienced and qualified trainers and assessors, and HR organisational development consultants who work closely with organisations to develop a Staff Training and Skills Matrix. This strategic tool helps map and visualise required, desired, and available skills for a team or project.

Creating a skills matrix can show individuals on your team where they excel and where they need to improve their skills, helping to outline expectations, indicate where new hires are needed, and highlight areas within an organisation that should be developed.

10. Design & Development of Learning Frameworks

The end of the financial year is an opportune time to assess your company’s learning frameworks. Effective learning frameworks align with your business's KPIs and ensure that employees can apply the skills and knowledge they acquire to everyday situations. This alignment is vital for maintaining a competitive edge and achieving long-term success.

As part of Aspire Performance Training's core Business and Consultancy services, we work with clients to Design and Develop Learning Frameworks based on their staff's unique learning styles and needs. Our bespoke workshops are based on result-proven models and align with company strategy and business plans, ensuring the framework is fit for purpose and delivered by specialist trainers and assessors.

11. Employee Considerations

Ensure all superannuation contributions are up-to-date to avoid penalties and take advantage of tax deductions. Conduct performance reviews and plan for any employee bonuses or salary adjustments.

Whether you are looking to hire for a new role or want to ensure your staff have the necessary skills to complete their current position to the best of their abilities, a Training Needs Analysis will help review all the learning and development needs within an organisation. It involves establishing the required skills for job positions, evaluating current skills, locating performance gaps, and establishing training needs.

12. Technology and Systems

Assess whether your current accounting software and business tools are meeting your needs. Upgrade or switch systems if necessary to improve efficiency.

Why Choose Aspire Performance Training?

Aspire Performance Training, has been helping Perth businesses and individuals achieve their career goals for nearly two decades.

We offer tailored training and consultancy services designed to meet the unique needs of WA businesses. Our expert trainers, including directors Jane Mahon and Trish Hawkey, use their extensive industry knowledge to develop and deliver programs that drive performance and results. We pride ourselves on building life-long relationships with our clients, offering a personalised experience and the most advanced and up-to-date training available.

Level 28, AMP Tower, 140 St George's Terrace, Perth WA 6000

Ready to Take Action?

EOFY is the perfect time to evaluate and enhance your business practices. By following these tips, you can ensure a smooth transition into the new financial year and set your business up for success.

If you need assistance with EOFY preparations, training, or strategic planning, contact Aspire Performance Training today.

Contact Us: For more information on how we can assist you, please contact Aspire Performance Training at (08) 6460 0965 or email admin@aspirept.com.au.

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By following these steps and utilising our expert advice, your Perth business can thrive in the coming financial year. Don’t wait—take action now and let Aspire Performance Training help you achieve your business goals.