Now that EOFY has come to a close and quarterly reviews are on the horizon, it’s time to set the course for the new financial year. Imagine embarking on a cross-country road trip with no map, GPS, or plan other than “head in that direction and hope for the best.” It sounds chaotic, doesn’t it? In business, this is exactly what happens when you neglect regular reviews. As Neil Copp (CA), Director at Sphere, says, “Running a business without regular reviews is like driving blindfolded — you might get there eventually, but it’ll be a bumpy ride.”
Your Business Journey: A Road Trip Without a Map
Think of your business like a road trip — you know your destination (your business goals), but if you’re not paying attention to the road signs along the way, how will you know you’re on track? Every twist and turn counts, and without regular check-ins, you risk veering off course. If you wait until the end of the year to assess your performance, it’s like realising you’ve taken the wrong exit just before the trip ends. At that point, it’s much harder to make adjustments, and you might miss key opportunities for improvement — like untapped tax deductions or cash flow inefficiencies.
Pit stops: Small breaks, big benefits
We all know the importance of pit stops on a long journey — it’s where you check your fuel, recalibrate your direction, and assess your progress.
In business, these pit stops should happen every quarter. Without regular reviews, it’s easy to lose track of how your business is performing. Just as you wouldn’t drive 100km without checking your fuel, you shouldn’t run your business without regular financial check-ins. These quarterly reviews give you the chance to take stock of your cash flow, review your tax strategies, and adjust your goals for the next quarter.
Your accountant: The co-pilot you need
Just like a co-pilot helps navigate through uncertain terrain, your accountant is key to guiding your business on the road to success. A reactive accountant might help with filing taxes at the end of the year, but a proactive accountant is your trusted co-pilot, offering real-time strategic advice. By conducting reviews and implementing tax-saving strategies — such as income splitting or asset depreciation — your accountant ensures you’re not just compliant but also maximising your tax deductions and reducing your tax liabilities.
Shifting gears: Make your quarterly reviews count
Instead of waiting for the end of the financial year to evaluate how your business is performing, take control from the start of each quarter. Regular reviews allow you to make small adjustments that lead to bigger results. By checking in on your progress every few months, you’ll steer your business in the right direction and ensure you’re on track to reach your goals — without the risk of costly detours.
