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FY25 is here: A refresh button for your small business strategy


While the financial year-end rush might be over, a new opportunity beckons for SMEs. FY25 marks a fresh start to refine your business strategy and navigate the evolving economic landscape.

Now that we’re rapidly approaching the end of the financial year, many SMEs are in a rush to optimize their  tax and financial affairs before June 30.  However, it’s important to note that the beginning of FY25 represents an opportunity to hit the  ‘refresh’ button on your business strategy for the coming year, and together with your accountant,  broker and lender, find ways to chart a better future. 

There are a host of challenges facing small businesses from elevated inflation through to household cost  of living pressures, rising insolvencies, an ATO tax crackdown and an increasingly complex regulatory  environment. 

Banjo Loans Chief Risk Officer Andrew Ward has below provided his top tips for BOFY (Beginning of  Financial Year) so SMEs can get into financial ship shape for FY25. 

Financial health

Use the start of the financial year as an opportunity to review your financial  statements with your lender, broker and accountant. There may be valuable insights which  can be extracted from your data in respect to your business’ financial health and accordingly  opportunities for improvement. This is important because, by being proactive, you can ensure  there is time to plan appropriate taxation strategies, rather than leaving it to the end of FY25.  In addition, if you have any growth plans for the year, it’s a smart idea to think through your  business strategy and document the details so it can be submitted for consideration by  brokers and lenders. 

Government grants and incentives

It’s worth considering what Federal and/or State  Government grants or incentives are available that could provide a boost to your business.  These opportunities can provide much-needed support to enable business growth and  innovation. For example, new funding has been announced to provide SMEs with mental  health support under the New Access for Small Business Owners Program while the National  Tax Clinic Program provides tax advice and assistance to eligible SMEs. 

New policies, rules and regulations

Ensure that you are across any new government or  regulatory obligations for FY25 in respect to your business. There are a number of tax-related  changes, import tariff amendments, energy bill refunds and numerous initiatives related to  ‘green energy’ which you may need to consider as part of your operational planning for FY25, depending on the nature of your business. 

Workforce development

It is commonly accepted that the success of many businesses lies  with its people. That’s why it is so important to plan to invest in employee training and  development to not just boost productivity but aid in employee retention. Moreover,  fostering a diverse and inclusive work environment can drive innovation. 

Digital investments and leveraging Artificial Intelligence (AI) 

The ‘digital revolution’ has well  and truly arrived, which is affecting the business landscape. It is crucial you question how your  business can leverage e-commerce and digital marketing, as well as ensuring that your  business has taken the appropriate cybersecurity risk management steps. Public access AI, which is rapidly developing, may also provide opportunities to increase efficiencies in your  business. 

Assessing and analysing the above subjects in detail may give your business a greater chance of success  in FY25 with the right tools and initiatives. Banjo is an online lender providing secured and unsecured loans to small businesses. It provides SMEs  with an alternative source of capital to balance cash flow and enable growth. 

As always, reach out to your broker, lender or accountant for advice and support.

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