With a new financial year just around the corner, now is the time to look at how your business has performed over the last year, and start making some New Year resolutions that will make next year even more successful.

As the economy continues to improve, now is the perfect time to start looking at what opportunities exist and how your business could make the most of them. With the right plans in place, you can spend this coming financial year running your business rather than worrying about it.

At the Commonwealth Bank, we have a team of Business Bankers who can offer local and specialist expert advice to help your business, no matter what size it is. We also have a large collection of information, articles, videos, tools and more to help you plan for the year to come and ensure this new year is a happy one.

The beginning of a new financial year can be a good time to set new goals for your business, and use the previous year as a benchmark for success.  If you are considering making changes or improvements, one of the ways you can start is by reviewing your existing business plan or creating a new one.  This can help you by providing a framework to outline your business objectives, and map out the steps to meet these, whether they are to grow, or simply help restore some more personal time in your life. 

To help you plan for the New Year, we have a large range of BetterBusiness articles and resources on a range of topics relevant to business owners.    

Business planning

Business planning can help you create a roadmap for the future of your business and ensure there is a clearly defined vision and set of goals for what you want to achieve. Just as important though, it lets you reflect on the past year and identify what worked well and what needs some changes to improve further.

Managing and forecasting cash flow

Managing cash flow is about more than just staying afloat. It’s also about making your business as efficient and profitable as possible. By taking control of cash flow, you can reduce the amount of money you need to keep your business running from day to day and earn a higher return.

Once you have identified your plans for the New Year, the right financial solution can help you pay down a loan from a previous investment, take advantage of a new initiative or opportunity, or better protect yourself from possible interest rate rises.

Whatever you have planned, our team of Business Bankers can help you ensure you have the capital setup to back up your goals.

Business lending

With the leading residentially secured business loan rate of the major banks, it’s no surprise we’re lending more to Australian businesses than ever. As business confidence continues to lift, now may be the time to look to a business loan to help fund company growth or finance a new business initiative.

Interest rate risk management

Loan repayments are likely to be part of the cost of running your business which means interest rate movements can have a real impact on your cash flow and profitability. To offset this risk, you can fix or cap your rate so your repayments become more stable, look at an interest rate collar so your rate stays within a known range, or employ a combination of these options.