New Financial Year, Fresh Start: Ben Blacker’s Finance Checklist for Business Owners

End of financial year is a busy time for every business owner. Once the tax planning is done and the books are closed, most people want to put finance out of their mind for a while. Ben Blacker, Managing Director of Blacker Consulting, says that’s a missed opportunity.

“July is the one time of year your numbers are fresh, complete and in front of you. It’s the best moment to plan your finance for the next twelve months,” says Ben.

Ben’s New Financial Year Checklist

1. Get your financials finished early. Lenders usually want your most recent year’s financial statements before approving new or increased facilities. Working with your accountant to finalise them in the first few months of the year, rather than waiting for the tax deadline, means you’re ready if an opportunity comes up.

2. Review last year against your plan. Where did revenue, margins and cash flow land compared with what you expected? Understanding the gaps is the first step to a realistic budget.

3. Build a twelve month budget and cash flow forecast. A budget tells you where you’re heading. A cash flow forecast tells you whether you’ll have the money to get there. Lenders want to see both.

4. List your big purchases for the year. New vehicles, equipment, a fit out or extra staff all need funding. Planning them now lets you choose the right finance rather than reaching for the nearest option.

5. Review your existing facilities. Check your rates, limits, review dates and any loans coming to the end of a fixed term. Make sure your overdraft or line of credit still matches the size of the business.

6. Check your ATO position. Any tax debt or overdue lodgements can affect how lenders see your business. Clearing them, or having a payment plan in place, removes a common obstacle.

7. Book a meeting with your advisory team. Your accountant, finance adviser and, where needed, your lawyer should be working from the same plan.

“The businesses that get the best outcomes from lenders aren’t the biggest. They’re the most organised,” Ben explains.

Why It Matters

Finance arranged in a hurry is usually more expensive and less flexible. Finance planned in July, with up to date figures and a clear forecast, puts you in control of the conversation with your bank.

How Blacker Consulting Helps

Ben helps business owners turn their year end figures into a clear finance plan for the year ahead: what they’ll need, when they’ll need it, and which lenders are the best fit. If you’d like to start the new financial year with a plan, get in touch.