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ISCOVER
As the new financial year approaches, brokers play an essential role in guiding their clients through key financial decisions and business strategies.
The beginning of FY25 provides an excellent opportunity to help clients hit the ‘refresh’ button and set the stage for a prosperous year by reviewing their financial health, exploring opportunities for applicable government grants and incentives, staying compliant with any new regulations, and researching any advancements in workforce development and technology.
Small businesses face a host of challenges, from elevated inflation through to household cost of living pressures, rising insolvencies, an ATO tax debt crackdown and an increasingly complex regulatory environment.
Banjo Loans Chief Risk Officer Andrew Ward has provided his top tips for BOFY (Beginning of Financial Year) to assist you in helping your SME clients get into financial ship shape for FY25.
1. Review Financial Health
- Financial Statements: Encourage clients to review their financial statements with their professional advisors and lender. Extract valuable insights regarding their financial health and identify opportunities for improvement.
- Taxation Strategies: Proactive planning of taxation strategies can prevent last-minute rushes at the end of FY25.
- Growth Plans: Guide clients in documenting their business strategy for consideration by lenders and investors.
2. Explore Government Grants and Incentives
- Federal and State Grants: Identify available grants or incentives that could boost your clients' businesses. For instance, the New Access for Small Business Owners Program offers mental health support, and the National Tax Clinic Program provides tax advice to eligible SMEs.
3. Stay Updated on New Policies and Regulations
- Regulatory Compliance: Ensure clients are aware of new government or regulatory obligations for FY25, including tax & employment law changes, import tariff amendments, and green energy initiatives.
4. Invest in Workforce Development
- Employee Training: Emphasise the importance of investing in employee training and development to enhance productivity and job satisfaction.
- Diversity and Inclusion: Encourage fostering a diverse and inclusive work environment to drive innovation.
5. Leverage Digital Investments and AI
- Digital Transformation: Inform clients about leveraging e-commerce, digital marketing, and incorporating cybersecurity risk management steps.
- Artificial Intelligence: Highlight the potential of AI to increase business efficiencies.
With your support and detailed analysis of these areas, your SME clients will have a greater chance of success in FY25. By guiding them through these steps, you can help them navigate the complexities of the new financial year and seize opportunities for growth and innovation.
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