Lessons learned as we close out the financial year.
It's the end of financial year over here in Australia (we call it EOFY, cause we just love shortening things). Our inboxes, social media feeds, radio and TV are flooded with crazy deals as retailers of both products and services scramble to take advantage of the season for sales.
As the financial year closes out, so does our first year in business… Hooorah! We certainly didn’t go into business blinkered, we knew it was going to be hard work. Managing 3 young kids between us and working part-time hours, we knew we’d need to be super duper organised and laser focused. But there still have been 'lessons learnt' a plenty.
#1: Non revenue generating activities took up more time than planned for. When I say 'non revenue generating', I mean any time that is not spent on clients. We planned for this but what we didn't foresee was things like having to spend a 1/2 day sorting out IT issues etc. Our advice is do an audit of your time, be realistic and add some buffer for unforeseen time wasters.
#2: Social media is not free. ‘Back in the day’ you could bang a page together, post a few memes and fancy flatlays and voila you’ve got 1k followers and growing, with sales rolling in - BAM! We always knew social selling was going to be a huge investment of the time we had allocated in our Marketing plan, cause you need to be 'social' and always engaging with your ideal client. Now, if you want to get the traction of the good ol' days you need to ‘pay to play’ and not just for sales promotion but also to build a warm audience of followers. As more and more businesses get on this band wagon the cost is naturally going to continue to rise. Make hay while the sun shines and the cost is reasonable and get your followers onto your Email list stat!
# 3: There’s a lot you can't google, its worth investing in outsourcing and training. It can be hard handing over your hard earned pennies. But it's all about opportunity cost, you might be able to DIY taking 10 hours, but an expert can do it in 3.
As the financial year closes out (and with a full years worth of financial data) you’re in a great position to review how your business went over the past 12 months. Also look at your analytics and analyse which lead generation pipes worked best for you.
Take this time to make some strategic decisions to help your business be more profitable next year and grow. In terms of ‘end of year spend’ - whilst some businesses are purchasing assets that can be written off, have you considered investing in services? Could your biz benefit from a Website refresh, support with Business &/or Marketing strategy or perhaps getting that Google Adwords campaign off the ground?
Certainly check with your accountant, but the general guidance from the Australian Taxation Office explains ‘if you approach a professional to have some work done and pay for it before 30 June, it may indeed be eligible for immediate deductibility even if the payment relates partly to services that will be rendered after 1 July’.
If you could benefit from a Business &/or Sales and Marketing Strategy session with us, get in touch. We can schedule you in for a discovery call this week!