Let's be honest – end of financial year (EOFY) prep can feel like the business equivalent of cramming for final exams. We've all been there, frantically gathering receipts and trying to make sense of our yearly numbers in June. But what if we told you there's a better way?

The Quarterly Revolution

Think of your business year like a long road trip. Sure you could try to drive straight through to your destination (and arrive exhausted) or you could break it up into manageable chunks with rest stops to check your map and adjust your route if you are getting off track. That's exactly what quarterly planning does for your business.

Here we are, heading toward the end of Q3 FY2024-25. If you're anything like most business owners you are probably thinking, "Wait, didn't we just finish Christmas?" Time flies doesn't it? Good news is you are reading this at the perfect moment to get your ducks in a row for EOFY.

Breaking It Down: Why Quarters Work

A year is too big and if you are just reviewing your progress on an annual basis, it can be well after the fact before you figure out something isn’t working and make the adjustments to improve.

It's like having four fresh starts every year instead of one. So, you can keep replenishing yours and the team's goals and motivations. Equally heartache doesn’t need to be so painful. Had a rough month? No problem – you've got a new quarter coming up to reset and refocus and the pain of that 1bad month as opposed to several (or a whole year) doesn’t hurt nearly as much.

Think of it as the difference between cleaning your house regularly versus trying to tackle months of mess in one day before visitors arrive. Which sounds less stressful to you?

This approach is also much kinder to your team. Instead of hitting them with yearly targets that feel light-years away they get these easier to manage milestones. It's like giving them four wins a year instead of making them wait for one big one. They will definitely respond better as it is so much more tangible to see the outcome and the finish line, and it is so much easier for you to influence them on the drive to that finish line also.

Making It Work: Practical Steps

So, where do you go from here? Start with where you are now.  If we said EOFY was right around the corner (which it is) how would you sum up this financial year for you and your business. Since there is a meaningful amount of time to change that what would you do to drive the results over the next 3.5 months? What needs attention before this quarter ends? What can wait until next quarter? What absolutely must be done before EOFY?

For us we break the year into seasons. We are currently in tax season meaning focus is get the taxes done before the deadline and ensure we are providing advice and support to our clients in and around that. But come April there is a new season which is tax planning and strategy meetings. The focus then shifts to final push of tax returns before deadline but mostly the mindset shift is towards getting the current numbers, getting our clients in for tax planning and strategy meetings, and really pushing towards helping clients ready for EOFY.

Remember you don't have to overhaul everything at once. The whole key to this is manageable chunks creating progress. Focus on what keeps you up at night the most or what you think would make the single biggest difference. Then chunk it down if necessary and start homing in on it.  

The Bottom Line

Here is what we know for sure: businesses that embrace quarterly planning tend to be more agile, more prepared, and overall better performers. They are also better positioned to grab opportunities when they arise because they're not constantly putting out fires.

And isn't that the kind of business we all want to run? One that is in control, forward-thinking, and ready for whatever comes next?

Ready to dive into quarterly planning? As you can see above regarding our season change will be reaching out over the next couple of months to book your annual strategy planning session.

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