With cloud accounting taking the pain out of your EOFY planning – it’s time to think ahead to prepare your business for the new financial year.
If you haven’t yet considered a cloud accounting solution for your business, now is the time to contact Bentleys to set you up for success in the new financial year.
The EOFY period is the perfect time to conduct a business performance review. This gives you the opportunity to take stock of your business’s position and pause to reflect on your future business goals and celebrate your past achievements.
Our agribusiness specialists have first-hand practical experience in their own rural businesses and through working with clients to know just how important a regular business health check is to ensure your business is performing at peak efficiency. A business performance review can help you assess the strength and longevity of your business operations and reveal any blind spots, inefficiencies, and limitations in your way.
Our specialist advisors have identified five key steps to follow that will ensure all necessary KPIs are scrutinised and evaluated during your review:
- Review your financial performance following the recent harvest.
- Consider how you performed, compared with industry benchmarks, your budgets and crop forecasts. Identify the causes of any of your missed targets.
- Consider what investment is required to reach those targets and improve your performance.
- Evaluate that investment against its likely return.
- Prepare your business plan for the next year with your investment to be made and the likely budgeted outcomes, using your cloud accounting software to monitor your progress towards your targets as you go.
Reviewing performance regularly and monitoring progress in real time allows businesses to constantly improve themselves and better understand the levers they can pull and adjust in their business to achieve better performance.
If you lack the time or the capability to conduct an effective business performance review, you can always call on the experts to help you evaluate past performance and jump start your future.
Here at Bentleys, our agribusiness experts have first-hand experience and are ready to work with you to conduct an efficient business performance review using a tried-and-true process.
Contact us today for a no-obligation discussion.
Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.