End of financial year planning also extends to your digital marketing efforts – while you’re taking stock and crossing off all the things on your EOFY to-do list, you should also take the opportunity to assess how your digital efforts are placed and what opportunities or updates you can make to ensure you’re getting the most of your marketing expenditure, both in terms of money and time.
Here are three elements to keep in mind when conducting your EOFY digital marketing assessment.
1. Assess your equipment
This is probably the most obvious one – most businesses can claim any equipment they use as part of their day-to-day work, which makes EOFY a perfect opportunity to look at the current equipment you’re using, any newer tools available that you might benefit from, and any updates or upgrades you could add on to maximise your efforts.
Remember, you can’t just go buying anything and writing it off, it needs to have direct application to your business, but there’s a range of tools and devices available that might assist you in creating better digital content.
For example, a great camera for top-notch images, a microphone or phone rig for video recording. Maybe a new tablet with in-built functionality to streamline your work.
It’s always worth assessing the current state of your equipment and considering whether there are any other tools you might need – along with any you’ve purchased within the last year.
2. Audit your digital efforts
EOFY is also a great reminder to assess your digital marketing efforts and examine what you’re spending, how you’re spending it, and what’s delivering results.
You might be spending money on SEO services – are you seeing increased traffic as a result? Maybe you’ve worked with social media marketing consultants – have those measures improved your performance?
It’s worth looking over where you’re spending your money and time in digital marketing and considering whether it could be spent more wisely, and whether you have room in your budget in the next financial year to invest more to improve your returns.
3. Consider your expenses
This is a key one for micro-businesses and those operating from home, in particular.
If you work from home, or you work from a co-working space or similar, you should be able to claim a percentage of your utility bills, rent payments, petrol to travel to meetings, etc.
There’s a wide range of things that could be claims – basically, any expenditure that relates directly to your business could be eligible for consideration in your return.
And all of those little deductions can add up – it’s worth taking the time to research exactly what you can claim and how you go about doing it to help keep your tax obligations at a minimum, enabling you to invest more into future initiatives.
The end of the financial year can be a hectic and stressful time, but it’s also a good opportunity to get your books in order and ensure you understand exactly how each dollar you spend is benefiting your business. If it’s not, maybe it’s time to re-assess and re-invest in areas that are showing promise.