The start of a new year is a time to celebrate, reflect on your past year and set some goals for the next. We like to celebrate the ‘New Financial Year’ much the same, and we think that small businesses in Geelong should too.

So, there is no better time to do a business reset and put in place some resolutions to make some improvements, here’s Bendigo Banks ‘5 Steps to Create Your New (Financial) Year Resolutions”

    1. Review the 2018/19 FY
      There is value to be gained by using these quieter months to reflect and conduct a review of your business over the past 12 months.

      What are the areas that you performed and is there room for improvement? Was there certain weeks or months of the year that you had to work hard to make do with limited cash flow, but other times where the business was thriving? Were there opportunities to make your financial operations more effective?


    1. Make a plan
      Planning and goal setting is one of the best ways to monitor the direction that your business is taking. It also increases your chances of success over the next financial year. The number one thing you need to do in planning is to set your budget.

      Whether you are planning to reduce debt, grow your business or maintain a steady cash flow, this is the most important investment of time you will make all year.


    1.  A year in focus
      Reducing your debts. If 2019/20 is the year that you need to take control of your debt, then step one is reworking your business budget. Are there areas that you can save on expenses that you haven’t taken the time to identify before? Then prioritise what you can use that money to pay off first, whether you want to focus on:

      ·         Paying off the smaller debts first – once you knock out the smallest ones then move onto the bigger debts when you are more equipped to do so;
      ·         Focusing on the debts that have the highest interest rates first – so that you can reduce the amount that you are spending on interest.


    1. Growing your business
      This part of being a small business is exciting. If you’re ready to take the next step and invest to improve your customer experience, then there are multiple options on how to do so:

      ·         Equipment Finance will help you invest in your business while preserving capital and managing cash flow;

      ·         Or a tailored loan to suit your specific business needs. 


    1. Maintaining a cash flow
      In an industry that predicts a high fluctuation in purchases between the seasons, it is important that your business is stable year round. There are multiple options to help stabilise payment capabilities.

      ·         Look into debtor’s finance turns unpaid invoices into quick, efficient cash flow for growth and other business purposes. What’s great about it is that property security is not usually required. Access to funding is scalable, growing as sales grow;

      ·         Or add an overdraft to your Everyday Business accounts to meet your day to day business operation requirements.



Whether you are starting out, growing your business, or maintaining current operations, the team at Bendigo Bank wish you a very happy new (financial) year!