Must Read

innovation station
August 3 2021

How mutuals are steaming ahead

As customer needs and expectations continue to evolve, we wanted to find out how the customer-owned ...

aerial property ta
August 3 2021

House price growth at 17-year high: CoreLogic

Home values grew by 16.1 per cent in the past year, the fastest pace of growth since 2004, but growt...

damian zaleski RYyr k3Ysqg unsplash
August 2 2021

GetCapital launches broker platform

The business lender has rolled out a new broker platform, as it has boosted investment in its techno...

fixed rate
August 2 2021

Loyalty tax issue flagged to MPs

Brokers are key to holding lenders to account to ensure borrowers are on a competitive rate and avoi...

trade deal contract
August 2 2021

Connective launches trail book marketplace

The aggregation group has announced a new arrangement with a specialist trail book firm to facilita...

handshake 2
August 2 2021

SME lender welcomes COO

Invoice and equipment finance lender Earlypay has appointed a new chief operating officer and execut...

Latest Podcast

In Focus: How the changes in SMSF rules impact lending



Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Financial tips for a thriving business in 2015

james steer intro james steer intro
James Steer 6 minute read

It's common for many people to start the New Year with some New Year's resolutions – the usual being to spend more time with friends, get fit, lose weight and quit smoking.

But what about some business resolutions?

The New Year is the perfect time to focus on the direction and financial health of your business. When you're working flat out during the year, it can be hard to stop and take a breather to assess where your business is headed. The Christmas and New Year break can be the best time to do just that.

Here are some of our top finance tips for a booming 2015:


1) Take a look at the year that was

Take an honest, hard look at the past year. What were the highs? What were the lows? Look at the bigger picture and then break it down into smaller pieces and ask yourself:

• Where can you make improvements to your profit margins?

• Do you have enough leads and prospects?

• Are you converting enough prospects into sales?


• Are your sales where they should be?

• What is your staff turnover like in comparison to previous years?

By using some constructive criticism on your own business, you can put some measures into place that'll have your business flourishing this year.

2) Outsource the jobs you're struggling with

Even the best performing agencies will have a few weaknesses somewhere, and there's always room for improvement. If you don't know which areas are letting you down, start by having a look at your business operational areas.

Maybe you know that you're always struggling to keep up with bookwork. Would it help to speak to your accountant well before the end of financial year and make sure everything is on track? Perhaps you'd benefit from a regular bookkeeper who can stay on top of things every quarter? It's much easier to pick up mistakes along the way than delve into a year of dishevelled accounts at tax time.

3) Spend time working 'on' your business rather than 'in' it

When you're busy, one of the first things business owners tend to neglect is marketing. After all, you're inundated with clients, right? You don't need any more! But busy times fluctuate, and when the rush stops you can suddenly find yourself wondering where everyone went.

The New Year is a great time to give your business strategy and marketing plan a polish, so that you can keep on marketing quietly in the background when times are busy.

4) Review your systems and processes

Creating efficient systems and processes in your business is much easier than you might think. Take a look at what you're currently using and see if there's a better solution.

• Would hiring a virtual assistant free up some of your time?

• Can you outsource your blog writing to a copywriter?

• Are you leveraging your MYOB package?

• Is your accounting package up to date?

• Are there any manual processes and procedures that could be automated?

• Can you create some templates to streamline processes further?

Even though some of these might cost you money, in the long run they'll make you money as you have more time to work with your clients.

5) Stay on top of your compliance obligations

Keeping up to date with a few 'housekeeping' duties during the quieter periods can really save time (and stress levels!) later down the track. It's a smart move to revisit your compliance and tax obligations, talk to your accountant or perhaps even speak with the Australian Taxation Office to make sure that you have all your compliance obligations in place for June.

It's also a perfect time to check that you're backing up your work sufficiently. Make sure that your agency has a secure data back-up system. If you're not currently using any software for this, consider a product such as MYOB LiveAccounts or something else that will automatically back up for you at regular intervals.

6) Think about cash flow support – before it's required

Wouldn't it be nice to have a bit of financial support organised ahead of time, rather than panicking and looking for help when you're desperate? Planning ahead means you can take the time to choose the right finance partner and establish a good relationship with them from the start. If you think your bank isn't providing you with the best deal on your short-term borrowing or overdraft facility, now is the time to think about alternative lending and cash flow arrangements.

With any type of lending arrangement, the money isn't just for crisis aversion. More and more businesses are using cash advance services for forward planning so that they can invest this money into areas that will grow their business.

The key to a thriving and profitable business is planning and organisation. By following a few of our financial tips, you'll be able to set yourself up for a great year ahead. 

Financial tips for a thriving business in 2015
james steer intro
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

james steer intro
james Steer

james Steer

James Steer, chief executive, Commission Flow

James Steer is a real estate finance expert with nearly 25 years' experience running businesses involved in the sale, management and development of residential property. As CEO of Commission Flow, James applies his deep understanding of real estate operations to helping real estate agents manage their cash flow and create the financial freedom to grow.


Latest Opinion

The most important indicator of your team’s psychological safety

The most important indicator of your team’s psychological safety

Do you know what is the single most important indicator of the psychological safety level on your team? ...

Nick Bendel

How brokers can create great blog content for their websites

It’s not every day that people look for a mortgage broker. But when they do, you, as a broker, need to have an established, engaging online presence...

Top 10 EOFY tips

Top 10 EOFY tips

Specialist SME accountant Davie Mach from Box Advisory Services outlines insider EOFY accounting tips to brokers. ...



People power. The changing face of customer-owned lenders

The mutuals have undergone a huge amount of change in the past year, with lenders merging, new tech being released, and brokers highly rating their experiences with them.


How mutuals are steaming ahead

As customer needs and expectations continue to evolve, we wanted to find out how the customerowned banks were delivering for their members. We find out how the mutuals are on the right track when it comes to innovating for brokers (and their clients) this year.

A place to call home. Servicing overseas buyers

The Australian property market has been booming this past year, with the great Australian dream of home ownership alive and well. But it’s not just local buyers driving demand, there has been increasing demand from expats and permanent residents living and working overseas too. The Adviser explores more

Read the latest issue of The Adviser magazine!
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more