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Tips for heading into the next financial year

03 June 2016

With the end of the financial year upon us, and the start of the 2016-17 one looming large with the need to solidify and expand your business, what are you doing to this end?

Are you taking the right approach when it comes to setting goals, and do you know what sort of assets you'll need to achieve the growth to take a bigger market share? Perhaps you've never thought about this as a possibility, but by taking control of your cash flow and using invoice finance, you can do just about anything you want in the business world to grow.

We sat down with the director of a small-business in Australia to discuss how he is preparing his business for the next financial year.

The start of something new

Being a relatively young business, this director is still forming and solidifying himself as a player on the landscape of ownership and management.

"It's really difficult being a company only eight months old, and certainly the challenges we have faced within that time have been extremely testing," he said.

"We set goals of where we would like to be in our first year and we probably haven't quite achieved those. Looking back, they were probably unrealistic and based on an emotional standpoint of what we thought was easily achievable. My goals for year two will be to have a stable business that can run without me having to do 80 hours a week! Year three will be a growth year.

"I have realised that growing too fast can be just as dangerous to you making your business work as it failing, and it's something you really need to watch to make sure you don't fall into the pitfalls of cash flow issues."

Setting logical goals and being smart about your cash flow is therefore a great place to start.

What is something that has helped your team come together?

Being in a busy environment means making sure employees are satisfied and looked after. That's something this director's company has done very well.

"We currently have four staff members and our method of working is that we keep very tight as a team. We have all joined the gym and do at least three boxing classes together a week! I also believe that the days of 'nine to five' are a thing of the past.

"I allow the guys to come in and finish when they want as long as they get their work done. It is extremely difficult in the Sydney market to secure the best workers, and hopefully the company we are building and the values we are placing within it are going to make people want to work for us."

Finding what works for your business is going to keep employees happy, while also ensuring your continued development on the business landscape. Contact Earlypay today to find out how it can help you to achieve this.