End of financial year (EOFY) presents an ideal opportunity to figure out if your business is in a position to make investments that could help it thrive into the new financial year. We spoke to four small business owners about the best EOFY investments they’ve made.
At a glance
Key takeaways from our interviewees:
- An investment in new equipment might turn out to be an investment in efficiency and productivity.
- Or, it might just be what your customers are looking for in a market saturated by the latest and greatest new tech.
- Professional development may not be as fun as getting a new ‘toy’, but it could help kickstart your business and head it in the right direction.
The new laptop
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“The best EOFY investment I’ve ever made for my business was a laptop with a strong processor,” says Anu Sawhney, founder of jewellery company Bidiliia.
“It’s a machine that can take a hundred tabs at a time and not falter which allows me to be more efficient with processes and tasks on a daily basis.”
When Anu creates content for her business – ranging from simple social media posts to video editing and everything in between – a fast and robust processor means she can use photo editing and video editing programs at the same time.
“As well as graphics and content creation, I use it for scheduling, accounts, copywriting, web updates and ecommerce functions like label-printing.”
Plus, a lightweight machine means she can take her business anywhere, to work remotely or to save time by completing small tasks on the spot – like upload images while on a shoot.
“I did quite a bit of research before I bought it and then went into a couple of stores and asked a lot of questions before making my decision,” Anu says. “I think it runs my life.”
The branding coach
“The biggest single thing I invested in was a personal branding exercise with a specialised coach,” says Julie Mauger, life strategist, senior habit change coach, and Meraki mindset practitioner.
Going into the session, Julie expected it to focus on the tactical – which colours to use in her branding, or getting her logo right, but it turned out to be far more valuable.
“It helped me drill down and recognise my own unique target market, saving me months of trial and error, and probably also saving thousands of dollars in wasted advertising trying to be all things to all people,” Julie says.
“It’s been critical in assisting me to focus on why I’m in business and what content and offerings to put all my energy into. It empowered me with more confidence that my market was in fact out there and huge, if not necessarily local.”
The financial know-how
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“We invested heavily (both time and money) into our accounting and financial reporting,” says James Roberts, co-owner and creative director at digital marketing firm, Sonder.
“We engaged a new firm and upskilled both directors in business financial literacy. Previously to this we could hardly read our own P&Ls!”
We’ve heard from many small business owners and accountants this year about the importance of understanding your business’s financial position, and the empowerment that comes from an accurate cash flow forecast. And Sonder’s performance looks to back this up.
“This financial year had the strongest start in our five years of business,” says James. “I strongly believe you can’t build your business unless you understand every part of it.”
The cutting-edge equipment
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“To help keep our business moving in the right direction, I decided to invest in two new pieces of equipment so we could provide our clients with the best in skin treatments,” says Lesley Greenwell, owner of Canvas Skin Beauty Retreat.
She says that the two pieces of equipment have proven to be good investments – being very well received by customers. They have not only added to the salon’s treatment menu, they’ve ensured that the business proactively addresses customers’ changing needs.
“Our core business is skin treatments, so we are continually researching and expanding our offerings,” explains Lesley. “The majority of our clients stay with us – some for over 20 years – and as our client base ages, we need to provide for the skin concerns.”
Speak with one of our small business lending specialists about how a Prospa Small Business Loan could help you finally tick off that one thing you know will supercharge your small business.
