How To Get The Most Out Of The End Of Your Financial Year

How To Get The Most Out Of The End Of Your Financial Year

Posted by · on June 27, 2013 · in Uncategorized · with 0 Comments

As we enter the fourth and final quarter of the financial year, companies look back at the year’s marketing activities to evaluate results and begin planning for the financial year to come. These strategic end of financial year activities, while necessary, often cause a shift in focus towards budgets and accounts and lead to a decline in fourth quarter marketing campaigns. Just as it is important to look ahead, it is equally as important not to lose focus on the present.

While instincts may lead others to slow their marketing efforts and keep the purse strings closed as we approach year end, there are many key reasons your organisation should break away from this trend and keep your marketing push strong.

Top 3 reasons to continue marketing all the way to June 30

Current Year’s Spending Deadlines:

It’s not over, till it’s over. While it may be rare, as the year is wrapping up, some departments find themselves with additional budget dollars allocated. With the “use it or lose it” policy found in most organisations, department managers are looking for opportunities to spend these excess dollars. Don’t get passed up by a lack of visibility. Make sure your organisation is front and center in the event your prospects are looking for ways to spend their dollars. Keep your marketing efforts active and make sure to include messaging that can be used by department heads to help justify the purchase, including value-based bullet points highlighting achievable results in the current year and extending into the next year.

Next Year’s Budget Consideration:

During the 4th quarter many companies are kicking off their budgeting efforts and mapping out their spend for next financial year. During this process, minds are churning and research is frequent as department heads look for ways to get the biggest bang for their buck. Ensure you make their budget “wish list” by kicking off marketing campaigns focused on how your products/services address key pain points and will deliver future success. Make sure your messaging is strong by talking with customers and prospects to identify hot topics to address in these communications. If possible, leverage ROI tools, or offer a cost/benefit analysis to help department heads justify the spend. Additionally, when possible, provide case studies and customer testimonials to increase credibility and prove past successes.

Marketing Momentum:

Whether you are working on your final push for a sale in the current year, or ramping up for a busy first quarter, it is important your products/services remain top of mind with your customers and prospects. Key to this is ongoing communications with your target audience to avoid missed opportunities. Throughout the fourth quarter, make sure you continue to implement nurture campaigns to those prospects who are qualified, but not sales ready and to those customers who have potential for cross-sell/up-sell. Keep your communications consistent, leveraging your brand for quick recognition. Plus, ensure your messaging hits home by segmenting your database and communications to closely target areas of interest.

Your End of Financial Year Activities Should Include:

  •  Perform a Stocktake

If you have inventory, you need to complete a stocktake on or just prior to 30 June. A stocktake will allow you to write-off any obsolete stock and investigate any theft or shrinkage.

  • Reduce Excess Stock

Your stocktake will reveal what excess stock you may have lying around. This gives you an opportunity to offer preferential and private sales to your client base. They’ll feel special and you’ll create some profit and extra room for new stock, win-win.

  • Plenty of Visits with the Accountant

Leading up to and after June 30, you should spend a substantial amount of time going over the numbers. You will need to reconcile your bank accounts after receiving the final bank statement of the financial year to ensure your records match the record of your bank(s). Reconcile your accounts receivable and accounts payable to ensure that there are no inconsistencies. Take advantage of deductions, write-offs and rebates before June 30. You will also need to review accounts and reports and ensure your BAS and superannuation guarantee charge statements are lodged and paid by July 28, and be sure to pay your super guarantee contributions for the fourth quarter of 2012 by 28 July 2013.

  • Do Some Research

Ask your accountant to benchmark you figures against other companies like yours. Look back at your own company – ask yourself what worked and what didn’t? Use the insight to plan for a stronger financial year next year.

  • Final end of year adjustments

Your accountant or book keeper may want to make a number of adjustments to your reports or accounts. Once changes have been updated, lock all accounts relating to that year so that data remains accurate. This will help ensure an easy transition into the new financial year.

Market Strong All Year Long

Whether you are looking to wrap up the year with a win, or gain a head start on the year to come, remember to keep your marketing efforts strong all year long, including those often forgotten fourth quarter months. Be in the right place at the right time by ensuring ongoing, consistent communications with your audience to build and maintain brand recognition and consistently communicate your value proposition. Avoid marketing backtracking caused by the absence of your marketing message and continue to propel your marketing forward.

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