If you’re not well planned, the end of financial year will creep up on you

The end of the financial year is like just about every other time of year if you’re not well planned: it creeps up on you, then suddenly pounces on you – and you’re left lamenting all the tax relief, breaks and good business spend you could have made, if only you were prepared.

Making sure you have a plan for getting the best out of the end of financial year, isn’t as difficult as you might think – and while everyone has their own way of doing things, these are a few points which we have found work:

• Know where you are at. Get the brains-trust of your business together and work out exactly where you are at and what kind of spend you might need to make to put yourself in a good position come EOFY. You should be pretty well up to speed with the business and its P&L at any stage of the game, but a few months out, it’s good to know your exact position.
• Have a bit of a wish list. Make a list of items – bigger, smaller and in between – that you might, need, want or be dreaming of for the business. Like, a forklift, for instance! Consider each on their merits and if you need to burn some cash to appease the accountant, you have already done a bit of homework.
• Get in touch with the accountant early. Talk to them and be sure you (and they) are across where you are at, and have info at the ready on what to do – and the best course of action – with a few months up your sleeve. Pick their brain, ask lots of questions and do your own research so you can explore new ideas and leave no stone unturned.
• Don’t compromise on quality just to score a bargain. When you are unplanned and unprepared, you make silly mistakes and get burnt. There is no point spending money for the sake of it, so make sure you are getting a good deal, and a good quality product. Even if you are spending money in a considered and business-favourable manner, you want to be sure it’s a purchase made with sensibility and prudence.
• Look ahead. There are only a couple of months left of FY19, but FY20 hasn’t even started yet. If you’re in your business and you have dipped heavily into your R&M budget instead of looking at sound capital investments, maybe it’s time to consider things like depreciation and asset management – is buying a better alternative than, say, leasing. Certainly, you know what is good for your business, and what has worked in the past. But have a look and change things up if you think it’s needed. An investment in something like a new diesel forklift might save you on a whole lot of lost time, opportunity and man-hours that might otherwise be the case if you invest in something cheaper or just keep applying bandaids. Audit what kit you have. Assess and reassess and then make a call.

Hyundai Forklifts Mackay has an impressive range of diesel and electric forklifts to make your FY2020 warehousing a breeze. Come in and have a chat to Tony, make the investment and do the right thing by your business – as this financial year starts to draw to a close.