One of the most common things we hear from business owners around this time of year is:
“I was meant to set business goals in January… but now it’s March, is it too late?”
Short answer? No.
Long (and more helpful) answer? From a bookkeeping and tax perspective, March is actually one of the best times to set your business goals.
Why Goal Setting Matters (From Your Bookkeeper’s Perspective)
Your bookkeeping isn’t just about compliance, it’s a snapshot of how your business is performing.
When business owners set clear goals, it allows them to track progress against real numbers, not gut feeling.
You can use this data to:
- Identify cash flow pressure early
- Spot opportunities to reduce tax legally
- Plan ahead instead of reacting at BAS or EOFY time
- Make better decisions about pricing, staffing, and growth
Without goals, we’re often just reporting on what already happened, instead of helping shape what happens next.
Not all goals are created equal. The most powerful goals are financially measurable.
_____________________________
Do Goals Have to Be Set in January?
This is where many business owners get stuck.
There’s a lot of pressure around “New Year’s resolutions”, and it’s great to set these goals when you’re inspired. But in Australia, your business runs on the financial year, so basing goals around this timeline is even more important.
This matters far more!
Here’s how the timing actually works:
- Q3 runs from January to March
- Q3 ends on 31 March
- Tax planning usually starts in April
- EOFY is only three months away
So if you’re reading this in February or March, you’re not behind, you’re right on time to make informed, strategic decisions.
Why March Is a Powerful Time to Set Business Goals
By March, your bookkeeping data is telling a clear story.
You’ve got:
- 9 months of financial data
- Visibility over income, expenses, and profitability
- A realistic sense of what is and isn’t working
- From our side of the ledger, this is gold.
It means your goals can be:
- Evidence-based, not wishful
- Adjusted before EOFY
- Directly linked to tax planning opportunities
Your January goals set direction. Your March goals sharpen it, using the numbers from your bookkeeping to guide smarter decisions before EOFY.
The Types of Goals Your Bookkeeper Can Actually Help With
Not all goals are created equal. The most powerful goals are financially measurable.
Here are examples that work well:
Revenue & Profit Goals
- Increase monthly revenue by X% by 30 June
- Improve gross profit margin before EOFY
Cash Flow Goals
- Reduce reliance on credit
- Build a cash buffer of X months’ expenses
Operational Goals
- Improve debtor days (get paid faster)
- Reduce unnecessary subscriptions or expenses
- Streamline BAS and payroll processes
Tax & Structure Goals
- Plan purchases before EOFY
- Review structure or registrations
- Prepare early for tax planning conversations
When you share these goals with your bookkeeper, we can:
✔ Track them
✔ Report on them
✔ Flag issues early
✔ Support smarter decisions
How Goal Setting Ties Into BAS and Tax Planning
This is where timing really matters.
BAS Isn’t Just a Lodgement
Your BAS shows:
- Sales trends
- GST exposure
- Cash flow patterns
- PAYG obligations
When goals are clear, BAS becomes a planning tool, not just a compliance task.
Tax Planning Starts Before EOFY
April–June is when proactive tax planning happens — not after 30 June.
Setting goals now allows:
- Better timing of income and expenses
- Smarter asset purchases
- Fewer surprises at tax time
Businesses that set goals early almost always feel more in control by EOFY.
It’s Not About Perfection, It’s About Direction
Many business owners delay goal setting because they feel they’ve “missed the window”.
But the reality is:
- You can reset goals at any point
- Goals should evolve as your business evolves
- Progress beats perfection every time
Even one clear goal is better than none, it gives you something to measure your success.
So, Is It Too Late?
If you’re wondering whether it’s too late to set goals because:
- Q3 is nearly over
- Tax planning is about to start
- The year has flown by
The answer is simple:
This is exactly when your numbers are most useful.
Need help setting or achieving your goals?
We can help you!