There’s nothing like an EOFY deadline to make you take stock
For all businesses, the end of financial year is a great opportunity to review where your business is sitting in terms of your objectives and goals for the year. As financial years go, the last two have been difficult, but they have taught us all a lot about being prepared, flexible, agile and having a buffer in place against unforeseen circumstances.
At Flight Centre Business Travel (FCBT) we know that carving out time to review your operation can be difficult in today’s fast-paced environment. However, putting strategies in place now can help keep your business to power up for the remainder of the year.
Here’s a few areas to analyse as part of an EOFY review:
Every business took a hit during COVID – the important thing is to assess how you are bouncing back.
How is this year’s performance shaping up compared to pre-COVID times? Make time now to update your one, two and five-year business plans.
How does your business performance compare to your in-market competitors and other markets?
Businesses that were nimble and quick to adapt to COVID challenges, have faired best over the past two years. If you weren’t one of them, how can you learn from the competition’s approach to business? But also remember to follow your own path and develop your own unique company culture.
What is the financial position of the business?
How can you improve revenue and protect cash flow from future bumps in the road ahead? Strategies for managing risk include reviewing your financial buffer, investing in tech tools, updating insurances and building resilience into your business strategies and people. Also be on the lookout for emerging opportunities and future risks – including climate change, skill shortages, supply chain logistics and digital disruption.
Now your business has a bit of breathing space, are there any positive learnings from the way you adapted during COVID that your business could benefit from making permanent?
Think about your working from home policy, new office space solutions and upskilling staff. Did you adopt new technologies, increase your online presence or introduce touchless services? How popular with your staff and your customers have these changes been and are they worth keeping for the long-term?
ARE YOU #READYTOTRAVEL?
Want to tap into all the industry benefits and SME travel advice? Contact our team today and travel smarter.
Is the business model you follow still the best one for you?
After the shakeup of COVID, many businesses found new ways of doing things that have delivered unexpected financial benefits. Such as continuing to work remotely. Embedding new technology and finding ways to align new processes with your business purpose. As a result, do you need to downscale, upscale or expand by acquiring employees with new skillsets?
Is your tech up to date?
Are you investing in innovative technology and tools to save your people time. Innovative tech helps you to optimise the resources you already have. Are you keeping up with what others in your industry are offering in the tech space and do you have the right tools?
Are your investments still showing growth?
Look at how your investments and assets are predicted to perform in the new economic climate of higher interest rates, inflation and reduced consumer spending.
Are your insurances adequate for your business, assets and changing circumstances?
No one can insure against a global pandemic, however other business insurances can be important risk mitigation tools. Check that your insurances are adequate, review terms and conditions and look at policy exclusions – especially in regard to business interruption, worker’s compensation and corporate travel insurance.
Are you actively pursuing a business growth strategy?
Review and update your business goals, marketing plans and customer retention policies. Now that travel is back, invest in relationships with existing customers by reconnecting face-to-face. Hit the new business trail by investing in corporate travel to meet potential clients in their own environment. It’s been proven time and time again, that business travel can give you a competitive edge over your market rivals.
Does your travel policy need updating?
