Beyond Tax Time: A Small Business Guide To Strategic Planning For The New FY

The end of the financial year (EOFY) is often seen as a time for tying up loose ends, like lodging tax returns and updating financial records. However, it marks something potentially more valuable for proactive business owners and brokers. It offers a window for effective business planning for the new financial year, whether that means expanding an existing business or implementing a new business idea.

Brokers and SME owners can use the period right after EOFY to look ahead and create a roadmap for growth, clarity, and long-term success.

Why Strategic Business Planning Matters Post-EOFY

EOFY gives business owners a complete view of their financial performance and operational strengths and weaknesses.

Whether advising clients or helping them refine their strategies, small business planning can help SMEs make better decisions, set achievable goals, and improve access to funding.

Business plans aren’t just for grant applications.

For established SMEs, an updated plan is a tool for communicating direction, staying focused on goals, and demonstrating credibility to stakeholders. 

Brokers, in particular, may want to consider using business plan templates to help their clients refine their financing strategies, unlock capital, and demonstrate readiness for expansion.

Having an updated plan can also help SME clients make decisions with hard data, not guesswork, in the new financial year.

With updated figures and more precise objectives, businesses can set realistic targets and track their progress meaningfully, all while maintaining a competitive advantage.

Essential Elements Of A Business Plan

A business plan isn’t just a one-time document. It should typically evolve alongside the business and reflect current conditions.

Below are the key components every business plan template should generally include.

Up-To-Date Market Analysis

Market dynamics can shift fast, especially in industries that are greatly affected by global trends or seasonal shifts.

A solid business plan will normally include a snapshot of the business’s position in the broader market. 

This means reviewing customer demand, pricing trends, supplier changes, and regulatory updates.

Tools like IBISWorld reports or state-based small business resources can help business owners stay informed.

Market research data is often more accessible and relevant after EOFY. Business owners can compare previous forecasts with actual results and adjust strategies accordingly. 

For example, if a product category outperformed expectations due to changing customer preferences, that insight should be reflected in future marketing and stock planning.

Key Performance Indicators (KPIs)

KPIs give life to raw numbers. Revenue and profit matter, but so do customer acquisition costs, client retention rates, and gross margins. 

Choosing the right KPIs can help track performance over time and spot trouble early. Brokers can play a key role by helping clients select indicators that reflect proper performance drivers.

Post-EOFY is an ideal time to refine or redefine KPIs. For example, if a business exceeds its revenue goals but falls short of profit due to rising expenses, it may need to track cost-related KPIs more closely in the new year. 

Current Cash Flow Analysis

By analysing cash flow statements, small business owners can identify patterns in income and expenses, plan for seasonal dips, and flag any looming shortfalls.

This section is instrumental when evaluating financing options like overdrafts or business credit.

A healthy cash flow ensures that bills, payroll, and loan repayments can be made on time. Conversely, cash issues can cause business stress and failure. 

To alleviate cost structure issues, brokers may want to consider using this data to identify whether a business might benefit from products like invoice financing, credit lines, or temporary working capital support.

ABN And ACN

Though basic, maintaining accurate records for Australian Business Numbers (ABNs) and Australian Company Numbers (ACNs) is essential. 

These details are necessary if a business is planning to apply for loans, work with suppliers, and access government grants. Outdated or inconsistent information can delay opportunities.

It’s worth cross-checking business registration details. Make sure they match across legal documents, bank records, supplier contracts, and government portals. 

This can prevent administrative issues later on, especially when applying for funding or grants.

Tax And Compliance Snapshot

Including a brief compliance summary complete with GST lodgements, PAYG summaries, and super contributions can help flag risks and streamline communication with lenders or investors.

Brokers and accountants can use this section to identify any mistakes or gaps in compliance. For example, if superannuation was paid late or GST was underreported, these can be red flags for lenders. 

A clean compliance record can strengthens credibility and makes the business a more attractive borrower or partner versus other businesses with compliance issues.

Incorporating this financial information can also help business owners identify new or changing requirements.

For instance, the ATO’s 2025 small business focus areas, like correct income reporting and proper record-keeping, may affect how a business outline their planning in the new financial year.

Creating A Business Plan

Whether small business owners want to write a business plan for a loan application or updating an old one, this process can help clarify their business model, uncover new opportunities, and provide structure for future growth. 

For brokers, it’s also a way to guide clients through the strategic planning process and open conversations about funding, and expansion.

Decide Whether It’s For Internal Use Or Sharing

Clarify the purpose of the business plan early on. An internal business plan outlines how to help teams execute goals, streamline processes, and align operations. It may be less formal and more focused on team roles, day-to-day decision-making, and internal benchmarks. 

On the other hand, a business plan for external use will usually be more polished and data-driven. It must communicate the business’s financial position, growth strategy, and competitive edge to external stakeholders like investors, banks, or potential partners.

Include The Business’s Financial Performance

It should normally include summaries of income statements, balance sheets, and statements of cash flows. Highlight trends such as year-on-year growth, profit margin improvements, or liability changes.

It’s also helpful to explain key shifts. For instance, how a marketing campaign impacted revenue and market share or how renegotiated supplier contracts reduced costs. 

Clarity and transparency can go a long way when presenting financial performance to banks or investors.

SWOT Analysis

A well-thought-out SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis can give small business planning credibility and depth.

Strengths might include a loyal customer base, exclusive partnerships, or efficient operations.

Weaknesses could be high overhead, skill gaps, or customer service challenges.

Expanding markets, new technology, or policy changes often create opportunities.

Finally, threats might include increased competition, changing regulations, or supply chain issues. 

Brokers may want to encourage clients to keep this section grounded in evidence and not overstate positives or underplay risks.

Plans For Future Offerings

This section should catalogue the business’s current offerings and their performance.

Data from the EOFY period can give a clear sense of which products or services are driving revenue and which are underperforming.

This section is where businesses can outline their plans to innovate a business concept, launch a new product line or service, or expand into new markets. 

Include timelines, R&D budgets, or strategic partnerships if applicable. 

Marketing And Sales Plan

Describe how the business plans to attract new customers and retain existing ones. 

Include sales funnels, advertising strategies, content marketing efforts, and referral programs. Use performance metrics from the previous financial year to determine what’s working and what needs adjusting.

A good marketing plan doesn’t have to be expensive. Sometimes, focusing efforts on one or two high-impact channels can be more effective than spreading resources too thin. 

Industry, Customer And Competitor Profiles

Post-EOFY planning will typically be more useful if it covers the market landscape in more detail. Is the target audience shifting? Are new competitors entering the market? What are the latest industry benchmarks?

Map out customer segments using real data.

Highlight how the business meets their needs differently from competitors. 

Understanding these profiles will also help sharpen a business’s marketing strategy and positioning.

Brokers with access to market reports or industry analysis can be invaluable in shaping this section.

Funding Request And Growth Objectives (Optional)

A business plan shared with potential investors or lenders can include an explicit funding request to help the business grow. 

Specify how much capital is needed, what it will be used for (e.g. hiring, equipment, inventory), and expected outcomes.

Also include key growth objectives, like revenue targets, market expansion plans, or customer acquisition goals. 

Demonstrating a clear link between funding and growth reassures stakeholders. Brokers can consider guiding clients in need of flexible capital towards tailored solutions, like a business line of credit.

Financial Projections For The Business

Projections can give decision-makers and funders a forward-looking view of the business.

Use past performance as a baseline and build forecasts for at least 12 months, ideally extending to three years.

Include projected revenue, expenses, gross margin, and net profit. Break it down into monthly or quarterly sections and note major assumptions. 

A solid projection will typically be optimistic but grounded in data.

Use The Executive Summary To Wrap Up

Once all the other sections are complete, return to the executive summary.

It should concisely communicate the business’s identity, mission statement, value proposition, key financial data, and future goals. 

Consider it the pitch, or “Why the investor or lender should keep reading or consider investing.”

It would also be helpful if this summary were tailored depending on the audience.

For lenders, focus on financials and repayment ability. For internal use, consider highlighting goals and team alignment. 

Refer to tips from business.gov.au to ensure the summary of your full business plan stays focused and compelling.

Review And Update The Plan Regularly

A business plan isn’t a one-and-done document. Regular reviews can help businesses stay agile in response to market shifts, policy changes, or internal challenges. Consider revisiting the plan quarterly or biannually.

Use these check-ins to update projections, track progress on KPIs, and refresh the SWOT analysis.

Brokers can take the lead in offering planning reviews as part of ongoing client support, positioning themselves as strategic partners rather than just financial intermediaries.

Conclusion

EOFY is the ideal checkpoint, but strategic small business planning doesn’t have to stop there.

A current, detailed business plan can turn tax season insights into action. It sets goals, defines direction, and makes the business more investable, scalable, and stable.

Helping clients craft or update a business plan strengthens brokers’ advisory relationships and can lead to better funding outcomes.