Make more profit from July 1st: Owen & Jordan’s top 8 ways to crush your business financials and make more profit

The economy is on the rocks. Your business could be about to get knocked. Don’t leave your business strategy to chance!

The Australian Business Podcast is back and your host Owen Rask speaks with Jordan Kidis, co-founder of Grey Space Advisory, about their 8 best tips for managing your business in the new financial year.

These business tips are simple, effective and can be implemented right now.

Owen & Jordan’s tips for the new FY:

1. Get the optimal number of bank accounts: how to manage your finances day-to-day. Jordan suggests two bank accounts.
2. Use software (use Xero for good sized businesses, and perhaps Hnry for tiny businesses).
3. Know how much cash to put aside for tax. Scott Pape recently said he puts 35% away. Is that too much?
4. Automation – tradies and self-employed – get the ATO app. Everyone: take photos of every receipt and upload to Xero.
5. Use e-commerce tools (even if you’re not in ecom). If you sell a product or service, ask yourself, can it be done online via a website? Think courses, consulting packages, memberships, etc. or even merch? Connect your store directly to your merch platform (some websites integrate with your email software and delivery, so it auto-orders and sends the delivery.)
6. Have a centralised planner for content and your team’s resources, including your business plan for strategy (use Notion, like us – it’s free at first), HR docs, notes from the podcasts, etc.
7. Put 3 hours aside every month, same day, same time, to retro (look back on the month) and look forward – review your expenses, review incoming bills or orders, do it. Some people may need to do this weekly (e.g. tradies who pay weekly). If your business is going to grow, you must take some time to reflect on your big rocks. At least every quarter, meet with your experts and strategise. Time on your business, not in it, is what will move the needle.
8. We’re biased but get an expert: the cost of good accounting and bookkeeping isn’t much when you consider the return from great advice. If your accountant isn’t pulling their weight, shop around now!