Ready for the new financial year

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Ready for the new financial year

Ready for the new financial year

Plan for growth next financial year

 

The end of financial year (EOFY) rolls around every year and yet, just like the arrival of winter, it catches business owners by surprise.

While getting to the end of the financial year can sometimes feel like a sprint to the finish line. If you run an online business, then the EOFY can be a great opportunity to take stock of your business and review the plan and strategy for the year to come.

 

We have included below some tips both for surviving EOFY and for accelerating your business into FY2016/7.

 


eCorner’s survival tips for EOFY

 

Maximise your deductions – the old adage of maximizing deductions in this year and deferring income to next year has never been more relevant for small businesses in Australia. While the election always adds uncertainty, the small business tax rate may be cut from 1 July by 1% - 2.5% depending on your revenue. This means that deductions are worth more to your business prior to 30 June, and income will be taxed less after 1 July. As such, we’d recommend considering the following:

 

  • Prepay your expenses – whether it be site rental, insurance or stationary, anything that can be picked up prior to 30 June will be beneficial in the long run.
  • Delay income – any income that doesn’t hit your books until 1 July will not be taxed until next 30 June, so presents the added benefit of deferring the hit to your cashflow for an additional 12 months.
  • Asset purchases – consider buying any assets up to a value of $20,000 per asset prior to year-end. Under the Government’s small business package, these purchases can be immediately written off for tax purposes, meaning the full value of the purchase is deducted from your tax this year (rather than depreciating over several years).
  • Trading stock and write downs – any obsolete stock sitting in your inventory may be able to be written off or revalued at year end, these write offs may be deductible and reduce your tax payable to the ATO.
  • Bad debts – subject to satisfying some requirements and documenting the debt, the write off of any genuinely bad debts prior to 30 June may reduce your tax payable.

 

Record keeping – there are a bunch of tools available these days to store all your receipts and invoices online, making your paperwork less of a hassle. Getting one of those tools working for you can free up both time and space in your business, particularly around tax time.

Incentives – Do you know that if you are innovative you may be able to get some money back from the ATO as a Research and Development (R&D) tax incentive? Where you have invested time and money in innovating your business, you may be eligible to register and claim those costs. We’d recommend talking to a specialist in this area, but the benefits can be fantastic.

 

Now what about the year to come?

 

If your business is operating in the digital commerce world, you need to be innovative. Your customer’s expect your online store to be up to date with the latest features that improve user experience, and also you will benefit from features to improve the administrative efficiency for your business.

There are many ways to improve the overall effectiveness of you online business and most take some form of change or innovation (and may be eligible R&D for the tax incentive as noted above).

The difficult question most businesses face is how much to spend on the core business and processes, to ensure your business receives the maximum benefits of improved sales and profits.

When it comes to your website, if you are an online business, then it is not just a piece of software it is the core of your sales and marketing platform and is often your customer’s first touchpoint with your business. So keeping a fresh design and current, relevant content should be one of your highest priorities.

Successful companies have found that investment in sales and marketing means growth and better overall results but it can be difficult to start. If you look at some examples of large successful digital businesses, you may be surprised that they spend from 35% to 55% of revenue on developing and managing their online sales and marketing platform.

 

The winds of winter are blowing and we at eCorner can’t think of a better time to rug up in front of the heater and shop online, and we’re willing to bet your customers are doing the same thing

 

So often we hear from our customers that they do not give their core revenue generator enough attention, with other competing priorities winning out. If you are selling online the core of your business is your online store, and it needs as much, if not more, attention than the rest of your business. What do you need to do to keep your online store at its peak?

 

Design and User Experience

 

Web design constantly changes and you need to make sure that your online store has a modern look and feel. That might not mean a total redesign just some small changes to improve your customer experience, and ensure your site has the modern features that your customers have come to expect shopping online.

 

Up To Date Content

 

Spend some time and clean up and refresh that old and out of date content. Simple things like updating the copyright date can add trust. Fresh new content is great for engaging your customers, and ensuring both your product data and site content is up to date and relevant is the surest way to improve your ranking on search engines.

 

Add Some Specials

 

Customers love specials so make sure that you present your best offers and unique products right up front. Promote them on social media and using the newsletter capabilities. May be get a new newsletter template designed to make it look as professional as possible and match your online store branding.

 

Enter some new channels to market

 

Multi and Omni-channel are some of the latest buzzwords flying around the net. Make them work for you by enabling your business on multiple platforms like eBay, Facebook shop, Google shopping, Getprice etc.

Omni-channel is primarily about ensuring your customers have a consistent experience regardless of their entry channel to your business, this can be as simple as managing your products from your store to ensure product data is consistent. You can also consider getting a custom template made up for your eBay listings or newsletters, so your brand and design is consistent with your online store.

 

Need some help to make it happen?

 

With the advent of a fresh financial year and the “fresh” weather, we have put together a some design and store specials to help bring some new life to your online store before Spring arrives and everyone heads back outside. This is also a great time to get your site refreshed so it’s perfected before the Christmas silly season rolls around. 

We have packages available both for existing eCorner stores and for any new stores you or your friends might be looking to implement:

 

Design Packs

  • eCorner 'fresh themes' – all eCorner paid themes have been reduced to $300 (15% discount from the standard $350) including installation on your store.
  • Professional design packages – we have created 2 design packages with our eCorner accredited designers for you to get a professional custom re-design done of your store, including fresh designs for eBay or your newsletters.

 

New store packs

 

If you, or anyone you know, is thinking about setting up a new eCorner store – we have put together some discounted bundles to help get a professional store up and selling as quickly as possible.

Each package includes some set up assistance and training, as well as a scaling discount (between 25% and 40% off the package value) dependent upon the store type chosen. Also, any new store from a Cloud Shop pack or up includes one of eCorner’s paid themes including installation and set up.

Check out the packages here: New Store Specials

If you have any questions or would like to discuss these promotions or how to update your online store with us, please give us a call or send us an email.

 


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