Preparing Your Business For EOFY: A Focus On Operations & Logistics
With the end of financial year in Australia quickly approaching, we have reviewed some relevant considerations for you and your business. It's important to consider these key steps when preparing for the end of the financial year when focussing on your operations and logistics:
Review Financial Performance: Analyse financial statements to assess the company's performance throughout the year. Look for trends, identify areas of strength, and pinpoint any areas needing improvement. Perhaps Image can assist with some of these logistics pain points to help increase financial performance.
Inventory Management: Conduct a thorough inventory count to ensure accuracy in stock levels. Identify slow-moving or obsolete items that may need to be discounted or disposed of.
Cost Analysis: Evaluate operational costs such as production, transportation, and warehousing. Identify opportunities for cost savings or efficiency improvements, such as renegotiating contracts with suppliers or optimising delivery routes. Ask us about delivery routes!
Compliance and Regulatory Requirements: Ensure compliance with tax regulations, accounting standards, and any other legal requirements specific to your industry or region. Review any changes in tax laws that may impact your business.
Asset Management: Assess the condition of company assets such as equipment, vehicles, and machinery. Plan for maintenance, repairs, or replacements as needed to maintain operational efficiency.
Budgeting and Forecasting: Develop budgets for the upcoming financial year based on historical data and future projections. Consider factors such as market trends, customer demand, and potential risks.
Now is a great time of year to review your current operations and diversify risk. We'd love to chat to you about your business goals, operational pain points and our creative solutions for your global logistics requirements. If you'd like to book a FREE consultation with one of our informative and skilled staff please email or call us today. It'd be our pleasure to assist your business achieve its business goals this next financial year ahead by ensuring your operations and logistics are streamlined. Call us today +61 2 9773 1378.
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