Spend now, thrive in 2023: Investments to make before EOFY 2022

Woman in headphones recording herself talking to a person on a laptop.

Investing in your business’s digitisation now can mean minimising tax payable, and it can help you enjoy the instant asset write-off and other tax incentives. But it isn’t all about the short-term bottom line: choosing to spend now can also bring you confidence in your digital presence and reassurance that your business is protected online.

So, why wait to do what can be done today? Here are three key areas to think about investing in before 30 June. Speak to your tax adviser before you invest for advice about the right tax-time opportunities for your business.

‘Do up’ your digital channels to meet your customers where they are

From social media to customer relationship management (CRM) and everything in between, tuning up your digital channels can help you avoid any static interrupting your communication with customers.

To say it’s a competitive market would be an understatement. That’s why it’s important to make sure you’re meeting customers where they want to be found. Focus on investing in your digital marketing, including your social media strategy, to attract new customers. Finesse your product or service delivery to meet expectations – whether you’re selling online or considering third-party apps. Consider how you can foster and share positive online reviews, and look around for tools to help you automate and keep on top of traditional direct comms, like your trusty email inbox.

But these are just a start – make sure you focus on your most pressing priorities but also take time to consider opportunities for later. Download the Telstra Business Intelligence report on Digital Marketing for expert advice, tips and checklists to help you choose the right digital tools and platforms for your business. And for more expert advice read, Executive Director of Small Business Australia Bill Lang’s three quick, practical tips to help you stand out online.

Look for opportunities to boost your tech’s performance and efficiency

Tech development never stops, and while top-of-the-line devices and software across all areas of your business might be an ideal ‘future state’, it’s worth considering where improvements can be made now. In the Telstra Business Intelligence report on Thriving in the Digital Age, 58% of employees surveyed agreed they could use a wider range of digital tools to deliver a better experience for their customers. And one area where efficiency can (almost always) be improved is how you manage data and information.

“If a business is using more than five spreadsheets for managing data and information, there is likely to be a cloud-based solution that will simplify and reduce the time to collect, analyse and use data. This can reduce mistakes, reduce staff time, and increase efficiency and ability to compete.”
Bill Lang, Executive Director of Small Business Australia

So, consider where cloud services or software can smooth out any data and information speed bumps, such as accounting. Then, think hardware: is it time to invest in upgraded mobile devices and tablets? If so, this could work as a tax write-off – make sure you ask your tax adviser. Have you upgraded your operating systems to the latest update? Have you looked into digitisation of your workflows? It’s a good idea to ask yourself, “Is there a digital solution to this paper problem?” Outdated processes could be costing you time and money. It’s worth doing your research and investing in digital solutions that could help you be more efficient, achieve more and help manage your work-life balance.

Be certain about your digital security

For as long as businesses are connected online, digital security should continue to be one of their highest priorities. And as we continue to experience the changes brought about by COVID-19, it’s essential to keep on top of the latest updates and tools – and not just for the sake of your business’s bottom line. Research from the Telstra Business Intelligence report on Managing Risks Online shows that customers are more concerned about online security since the onset of the pandemic. Being proactive can help you build trust with customers who want to know their data is safe.

“Digital security is a major gap for many businesses. If a cyber security event strikes, it has major revenue and cost implications. Not to mention the legal issues and added stress.”
Bill Lang, Executive Director of Small Business Australia

With hybrid working set to stay, businesses need to think holistically about digital security, across all settings and devices. Think about where you can invest, especially if you or your staff are using personal tech for business purposes. Would buying smartphones or laptops for your staff help you safeguard your sensitive business data? Would a virtual private network (VPN) help remote workers avoid connecting to a public or untrusted network?

Another important consideration to ensure you’re protecting your customers and meeting their expectations is to make sure the terms and conditions on your website comply with the latest privacy and data protection laws. It’s also worth investing in an SSL certificate to show that you prioritise customer data protection.

If you’re not sure how your business’s digital security fares, our free cyber security quiz can help you evaluate your risk profile and point you towards the right investments for your needs.

So, take advantage of the opportunities that EOFY brings. Invest before 30 June to get the most from tax time, enhance your tech toolkit, connect better with your customers and get a step closer to achieving your long-term goals.

Information provided on this website is general in nature and does not constitute financial advice.