5 Practical small business finance tips for the new fiscal year

Below are five practical and effective financial planning tips to strengthen your approach.

1. Build the right financial support team

Some entrepreneurs excel at bookkeeping, while others struggle or simply "wing it". Managing business finances isn’t something to leave to chance. Instead of taking risks, bring in experts who can provide financial clarity and peace of mind.

A professional accountant or financial advisor can help optimise tax strategies, ensure compliance, and improve profitability — even if you only consult them occasionally. You don’t need to hire full-time staff; outsourcing to a specialised firm can be a cost-effective solution.

2. Stay on top of cashflow

Regularly reviewing expenses and eliminating unnecessary, or sundry costs are key to financial stability. Cashflow forecasting allows you to anticipate financial shortfalls and plan for seasonal fluctuations. Use profits from high-revenue months to cover quieter periods, and always maintain an emergency fund for unexpected expenses.

3. Secure credit before you need it

A strong cashflow and emergency fund are essential, but having access to credit can provide additional security. Credit can help fund expansion, cover inventory costs, or bridge temporary cash flow gaps.

It’s easier to secure financing when your business is thriving rather than during a downturn, so consider applying for facilities. Establish credit options in advance so you have flexibility when needed.

4. Ensure timely payments from clients

Even a profitable business can face financial difficulties if clients delay payments, especially if you are dealing with larger companies, who may have ‘company policies’ in place that only pay 30 days after statement date. Unpaid invoices can disrupt cashflow and hinder operations.

To mitigate this, implement clear payment terms, use invoicing software with automated reminders, and consider offering discounts for early payments. Proactively managing receivables ensures steady cashflow.

5. Leverage digital tools for financial management

Technology can simplify financial management, reduce human error, and provide real-time insights. While you don’t need every tool on the market, choosing the right ones can improve efficiency.

Cloud-based accounting software, automated invoicing systems, and AI-driven analytics can streamline financial processes, saving time and enhancing decision-making.

Your business decisions — from daily operations to long-term growth—are all tied to financial management. Now is the ideal time to relook at whether your business is getting the support it deserves.

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