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MD Insights: Now is the time to plan for a better 2024 EOFY

This time of year, 80% of our clientele are doing end-of-financial year analysis and then quickly moving to forecasting the future. Both can be overwhelming activities together; Darran offers some quick and easy tips to make it easier for you and your business in 2024.

There is always feedback this time of year; clients wonder why they didn’t plan better throughout the year to make June/July an easier time.

Being overwhelmed with the end-of-financial-year activities and jumping straight into 12-month forecasting can lead to burnout, poor decision-making, and quick-fix solutions.

One solution to improve end-of-year activities would be to review your processes regularly during the year or even monthly. It can be as easy as enlisting the help of consultants throughout the year to review numbers monthly and prepare the business for auditors, significantly reducing the workload in supporting your team members.

When moving to forecasting activities, it is an opportune time to refine business objectives and review systems and processes for better efficiencies.

Aligning the critical business objectives and drivers and gathering relevant metrics to measure success against will assist the forecasting process in achieving the desired business goals.

When looking at solutions, every business should ask themselves: should we invest in the process first, then align the right system to the solution?

The answer to that is – yes!

Designing a clear and well-designed process, identifying how the process will improve the business challenge, then choosing a new system will result in a better outcome.

Understanding the business problem, where you are trying to make gains, what would support those gains, and how to measure the effectiveness of the new process and system is imperative to success.

Investing in a 12-month financial end-of-year plan and utilising the forecasting meetings to review expectations vs. your business’s current state will ensure your company approaches the new year with confidence and optimism.

Lauren Sexton – CX & Marketing Specialist Consultant
Darran Low – Managing Director

If you would like to enlist the ongoing services of Digital Convergence for month end or to assist in current business process assessment and business system alignment, contact us today to start the conversation.

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