EOFY Business Checklist: What Every Business Owner Should Review
Your step-by-step guide to reviewing your business, resetting your focus, and setting yourself up for success next year.
Take a Moment To Reset Your Business
The end of financial year can feel like a scramble to meet deadlines and finalise reports. But it is also one of the best times to pause and reset. Before you dive into the checklist, take a step back and think about where your business is today and where you want it to be this time next year. This is your opportunity to approach the next year with more clarity, focus, and purpose.
Why This Review Matters Now
It is that time of year again. You are juggling tax deadlines, finalising numbers, and wondering how another financial year flew by so fast. But EOFY is not just about ticking boxes or wrapping up the books. It is the one time of year where you can step back, see the big picture, and make clear decisions about where you want your business to go next.
The businesses that thrive are the ones that use EOFY as a reset button. This is your chance to clear out what is not working, double down on what is, and set fresh goals that inspire you and your team. That is where this EOFY Business Checklist comes in. And if you want to go beyond just reviewing and actually implementing these changes, business coaching is one of the most powerful tools to keep you focused and on track.
Your EOFY Business Checklist
Here is your practical guide to walk through each part of your business with clarity and intention. You do not need to do it all in one day, but commit to working through each section so you start the new year with a clear plan and renewed focus.
1. Financial Records and Reporting
Audit Your Financial Statements
Ensure that your profit and loss statements, balance sheets, and cash flow statements are up to date and accurate. Look for inconsistencies, track trends, and ensure that your financial reporting provides a clear picture of business performance.
Reconcile Bank Accounts
Double-check that all bank accounts, credit cards, and loans are fully reconciled. Address any discrepancies immediately to maintain financial accuracy and integrity.
Review Tax Obligations
Consult with your accountant to verify that all taxes have been calculated and reported correctly. Pay special attention to income tax, GST/VAT, payroll tax, and any other statutory obligations.
2. Budgeting and Forecasting
Evaluate Current Year Performance
Compare actual results against your budget and identify variances. Understand why certain targets were met or missed, and document lessons learned.
Prepare the Next Year’s Budget
Develop a realistic budget that aligns with your strategic goals. Consider market conditions, competitive landscape, and emerging opportunities.
Scenario Planning
Use business coaching insights to explore different financial scenarios and stress-test your plans. Prepare contingency strategies for various outcomes.
3. Compliance and Legal Obligations
Verify Business Registrations
Ensure that business name registrations, licenses, and permits are current. Renew any expiring documentation and ensure compliance with all regulatory requirements.
Update Corporate Governance Documents
Review shareholder agreements, partnership agreements, and other legal documents. Make updates to reflect current ownership structures and governance practices.
Conduct a Risk Assessment
Identify any potential legal or compliance risks with the guidance of a business coach or legal advisor. Address gaps in policies and procedures to mitigate potential liabilities.
4. Operational Review
Streamline Processes
Evaluate internal processes for efficiency gains. Implement automation tools where possible, and eliminate redundant activities.
Conduct Supplier and Partner Reviews
Assess the performance and reliability of suppliers and partners. Negotiate improved terms where appropriate and seek new partnerships to support growth.
Invest in Technology
Identify opportunities for technology upgrades to support business growth. Evaluate tools for productivity, cybersecurity, and customer engagement.
5. Human Resources and Team Development
Review Employment Contracts
Ensure all employment agreements are up to date and compliant with current laws. Update clauses related to remote work, leave entitlements, and other relevant areas.
Conduct Performance Appraisals
Hold annual reviews to assess and support team development. Use this time to provide constructive feedback, set goals, and identify training needs.
Plan Professional Development
Use business coaching to design tailored professional development plans for key staff. Foster a culture of continuous learning and leadership growth.
6. Marketing and Sales Strategy
Analyze Current Campaigns
Evaluate the effectiveness of existing marketing and sales efforts. Identify high-performing channels and areas needing improvement.
Refresh Marketing Collateral
Update website content, brochures, and digital assets. Ensure messaging aligns with current brand positioning and market trends.
Align Sales Strategy
Use coaching insights to refine your sales approach and target new markets. Develop clear sales processes and ensure alignment with overall business objectives.
7. Business Strategy and Goal Setting
Conduct a Strategic Review
Assess your overall business strategy and alignment with market trends. Identify strengths, weaknesses, opportunities, and threats.
Set SMART Goals
Establish Specific, Measurable, Achievable, Relevant, and Time-bound goals for the next financial year. Involve key stakeholders in the goal-setting process to ensure buy-in.
Leverage Business Coaching
Partner with a coach to sharpen strategic thinking and enhance decision-making capabilities. Gain new perspectives and accountability to drive sustained success.
8. Customer and Client Review
Analyze Customer Satisfaction
Gather feedback through surveys, reviews, and direct communication. Identify areas for improving customer experience and loyalty.
Review Client Retention Metrics
Examine client retention rates and analyze trends. Develop strategies to strengthen relationships and increase lifetime value.
Identify New Opportunities
Use insights from business coaching to uncover new customer segments and opportunities for upselling or cross-selling.
9. Business Continuity and Risk Planning
Review Business Continuity Plans
Ensure your business continuity and disaster recovery plans are up to date. Address any gaps and conduct tests if necessary.
Update Insurance Coverage
Review existing insurance policies to ensure adequate coverage. Consider new risks and adjust policies accordingly.
Conduct Cybersecurity Assessment
Evaluate cybersecurity measures to protect sensitive data and systems. Implement necessary updates and staff training.
Bringing Your EOFY Checklist To Life
You have done the review, now comes the important part, putting it into action. This is where many business owners lose momentum or get stuck. The key is having the right structure and support to keep moving forward.
You have spent the time reviewing your business and identifying what needs attention. Now the real work begins, taking those insights and turning them into meaningful actions. This is where having the right mindset and support makes all the difference.
EOFY is the perfect time to step back and take a fresh look at your business. This EOFY Business Checklist gives you the structure to do that with purpose and clarity. But knowing what to do is one thing, following through is where the real value lies. That is where business coaching can make all the difference. A great coach will help you prioritise, build momentum, and stay accountable to the goals and changes you want to make. If you are serious about making the next financial year your strongest yet, this is the time to invest in the support that will get you there.
FAQs about EOFY Checklists
1. Why is an EOFY Business Checklist important?
It helps ensure that all critical areas of your business are reviewed, allowing you to start the new financial year on solid footing.
2. How can business coaching enhance the EOFY review process?
Business coaching provides expert guidance, fresh perspectives, and accountability to drive more effective planning and execution.
3. What should I prioritise in my EOFY review?
Financials, compliance, operations, team development, marketing, strategic planning, customer review, and risk management should all be prioritised.
4. How often should I engage in business coaching?
Regular coaching sessions, monthly or quarterly, can provide ongoing support and strategic insight.
5. Is it too late to start an EOFY review if the year has already ended?
No, it is never too late. Conducting a thorough review even after the close of the financial year can still provide valuable insights and inform future decisions.