Soon it will be here! It’s a busy period for businesses at the end of the financial year. Instead of rushing to prepare for 30 June, you could start now with our tips on setting up your business and preparing it.
Get ready for the end-of-year promotions
With an event or end-of-year sale, you can achieve your sales goals (and reduce the number of items that need to be counted during your stocktake). Your customers will expect it, and your competition will be readying some offers. It pays to prepare so that you are in the mix.
Your offer (or event) doesn’t need to be for everyone. Only target your existing customers and let them know they have ‘an exclusive.’ You don’t have to make your offer or event available to everyone. You should only focus on existing customers and tell them they are ‘exclusive.’ Traditionally, EOFY sales start on 1 June and finish on 30 June. However, some businesses begin earlier in May. It would help if you started preparing now, including thinking about your artwork’s layout and collateral.
We are here to assist you in getting creative to overcome the many sales signals. SNAP, for example, has helped clients create eye-catching window displays and flashy postcards showcasing a special offer. Put your creative thinking caps on, as EOFY Sales are a great way to increase your profits for the year.
Tax-effective business expenses
It’s important to remember that a sale is only good if the item is something you need. However, EOFY can be an excellent opportunity for your business. Spend on things that generate revenue for your company and invoice before 30 June. Advertising and marketing are two everyday expenses that can be claimed. Your accountant will have to give you advice on what costs you may claim. It would help if you started thinking about these purchases as soon as possible to avoid rushing into purchases and ensure you can be invoiced for this year. SNAP develops many websites and prints collateral, from signs and stickers to business cards and brochures, during April and May. You can deduct the fees for creating, updating, and changing domain names for your website.
Another common reason for purchasing signage, business stationery, promotional items, and the like at this time of year is because of the remaining budget that needs to be spent. Invest in products that you can use throughout the entire year. You can, for example, give your customers a thank-you gift when they make a purchase. Please browse our range of promo items that can be branded to your company’s logo. This will inspire you and help you stand out from the competition.
Reporting requirements plus time for review
Annual reports are an essential part of corporate reporting, but they’re also becoming an extension of the brand and identity of businesses. When planning your annual report, it is necessary to consider the impact of design and printing choices on the final product. A well-designed report can help your business appear more reliable and trustworthy. Our Centres have provided advice on the design and print of many reports.
We can share what we know about the design of a great annual report. We know, for example, that headings and subheadings are essential to make scanning easier. Visual elements such as photos and infographics can help to convey information quickly. The text should also be short and straightforward to avoid reader fatigue. Color schemes and layouts should also be consistent with the brand. Use colored text boxes to highlight meaningful quotes and information.
When preparing your annual report, you can also use this time to evaluate your business and develop a winning strategy. At this point, crunching numbers and creating a baseline to measure any new initiatives is simple.
We wish you good luck in the upcoming silly financial season and with any spending, reporting, promotions, or planning you may implement.
This information is only intended for general information and does not consider your financial situation. Before making any decisions, consult a professional and independent tax advisor.
