Surviving to Thriving in the New Financial Year

As the New Financial Year looms upon us, it is safe to say that many real estate business owners will be glad to see the back of FY2019/2020.

Despite the myriad of challenges that Covid-19 has brought to employers and employees alike, there are also some important lessons that these changing times have shed light on – ones that every business owner can draw upon to adapt and grow in the coming months.

Tackling the 2020/2021 Financial Year successfully, now more than ever, will not just be a numbers game. Now is the time for employers to stop, reflect and put into practice the structures, systems and support mechanisms needed to meet their staff’s changing needs – be it flexibility, technology, training or workplace wellbeing.

Here are some of the ways you can steer your business out of crisis mode and start kicking goals in the New Financial Year. 

Take Stock of Your Finances

You are operating in an unprecedented market, and your budgets and forecasts should reflect that. Do a deep dive into your business expenses, how you were operating and performing pre-Covid and how this has changed post-Covid.

Stay up to date with any deduction schemes your business will be eligible for and work with your accounts staff to conduct an in-depth analysis of your business financials and maximise tax time.

Most importantly, use this era of fresh perspective to trim the fat on any unnecessary business expenditures and create a strategic budget for the upcoming year, including profit and loss forecasts, balance sheet and cash flow statements.

Ditch the Paper Trail

These past few months have redefined the way we use and rely upon technology. Don’t revert back to bad habits in the New Financial Year – invest in cloud-based Accounting, HR and File-Sharing softwares to streamline your business’ operational and financial practices and cut ties with ‘paper’ work.

Embrace project and workflow management applications to keep your team in sync (whether they are in the office or at home) and automate or outsource menial tasks such as database cleansing and communication scheduling if possible.

Time is money – and while shelling out on tech may not be at the top of your FY2020/2021 priority list, it will increase your staff’s productivity and performance in the long-run.

Better Your Business from the Inside-Out

As a business owner, it is critical to lead by example when it comes to workplace wellbeing in the year ahead. Open up an honest conversation with your staff about their challenges over the past few months and whether they have been left feeling ‘burnt out’.

Take the time to implement dedicated HR support and staff training programs into your business to prioritise mental and emotional health and establish a culture of openness for your employees.

Recognise that the way we work has fundamentally changed and consider trialling flexible working arrangements to support those who need it most. Small changes that can boost morale in your business will promote higher output, greater staff retention and better results from your existing workforce.

Map Out Your Growth Plans

Navigating the road ahead into FY2020/2021 is a far less daunting task with a strategic growth plan in place. Start by reviewing your existing short and long-term business goals and objectives and re-evaluating your current strategy to reflect market changes.

Define your target areas or divisions for growth in the New Financial Year and lean on a trusted business advisor (or a specialist real estate recruiter!) to nut out your existing departmental structures and predicted hiring needs for the coming year.

Set clear milestones to keep your strategic growth plan on track and be prepared for change. Take advantage of new opportunities and don’t be afraid to challenge or reassess your business model off the back of this pandemic.

Most importantly? Stay optimistic. A confident and positive outlook will set the tone throughout your business for the year ahead. Always look for new and innovative ways to encourage and motivate your staff – after all, that’s the most important part of your job.  

Image Credit: GTReview