As you’re likely already aware, End of Financial Year (EOFY) is quickly approaching!
EOFY can be a hectic time of year for both advisors and their clients, which is why it’s important to help clients get organised. Moreover, EOFY is a great opportunity to step into the advisor role and help your clients plan for next year.
To provide a few quick and effective tips to help your clients get organised for EOFY, we reached out to Steph Hinds, Head Ninja at Growthwise.
Read Steph’s expert tips below!
1. Give plenty of notice
According to Steph:
“Give your clients plenty of notice for what they need to do before deadlines. The more detailed you are, the better.
A great way to communicate with your clients about their urgent EOFY responsibilities is by providing them with a straightforward checklist of items to be completed. Consider including any to-dos pertaining to:
- Record keeping and compliance
- Tax planning (and understanding all applicable tax changes and obligations)
- Reviewing debtors and creditors
- Business review and planning
Communicating the value of completing these tasks – i.e., how this will help their business, and how it can help you provide them with the insights they need to achieve their business goals – can help to drive urgency.
2. Talk about next year
While EOFY is a good time to review the business’ performance during the previous year, it’s also a great opportunity to talk about the upcoming year. Are there additional services you can offer or tools to review to incorporate efficiencies as the business has changed over the last year?
Steph recommends asking a couple of key questions:
“Talk to them about next year. What do you want to do for them? What do they want you to do for them? "
3. Help clients set a budget
In addition to understanding your clients’ goals for next year (and how you can help them get there), start to put those goals into action.
One way to get started is to help them set a budget – as Steph points out, you’re in a great position to do so as their advisor:
“Help them set a budget for the new year. A lot of clients don’t know how to set a really detailed budget and now is the perfect time to sit down with them, work out their goals for next year, and build that into a budget.”
EOFY is a busy time for both advisors and clients, and it can have a significant impact on the client-advisor relationship.
Helping clients get organised and prepare for the upcoming year will help to strengthen your relationship and enable clients to better understand the value you provide to their business. The more you can help business owners accomplish their goals and spend time doing the work they love, the better your relationship will be!
About the AuthorMore Content by Dylan Burgess