WRITER Michelle Hauschild

Was the end of the financial year a business headache? A desperate scramble to reconcile what went on in the past 12 months? What if you can make the next year different?

mivision spoke with four of our regular business correspondents, about what systems you can put in place now, to ensure EOFY 2026 is a little smoother.

The end of the financial year can be a chaotic and stressful time if you’re not adequately prepared. Without organised records, receipts, and invoices, it can feel like a frantic scramble to piece together your financial picture. Missed deductions, overlooked expenses, disorganised paperwork, and obligations around staffing can feel overwhelming for business owners.

Beyond the practical difficulties, being unprepared can also mean missed opportunities – for growing and marketing your business, as well as for tax planning; strategies like making superannuation contributions, or writing off depreciable assets often need to be implemented before the financial year ends to be effective.

Without foresight, you may find yourself rushing into last-minute decisions that are not in your best interest or missing out on them entirely. In short, a lack of preparation can turn what should be a routine administrative process into an unnecessarily stressful and financially inefficient experience.

START STRONG WITH FORWARD THINKING

Paul McKinley is the Director of Optometry Finance Australia. A Chartered Accountant, he has over 35 years relevant commercial experience in the finance, accounting, optometry, and automotive industries, specialising in commercial funding with a strong focus on personalised client service and retention.

He suggests starting with a forward-thinking, detailed budget well ahead of 1 July.

“Prepare your new financial year budget well in advance of the 1 July kick-off, then monitor your practice performance on a monthly basis, against budget, to identify any adverse variances/ fluctuations, before they become entrenched in your business,” Mr McKinley advises.

“The annual review with your accountant, when you review your financials and tax, often 10–11 months after the year end, is really too late.”

Not done that yet? Take time now. Mr McKinley says key elements of your annual budget should include:

• Prior year financial performance,

• Seasonal fluctuations,

• Unusual events, for example, a long-term team member taking long service leave and bringing in a locum,

• Factoring in marketing drives, and the expected expenses and anticipated increase in sales revenue associated with that, and

• Factoring in any legislative changes, and the financial impact this might have on your practice.

Then, Mr McKinley advises monthly reviews of financial statements like profit and loss and balance sheets using tools such as MYOB or Xero.

“All the key accounting software programmes have very good budgeting tools, allowing for detailed budgets and variances,” Mr McKinley notes.

They also offer tools like real-time reporting and automation, and can be integrated with other practice specific platforms, including Optomate and Sunix, he says.

Avoiding Common Cash Flow Pitfalls

Cash flow issues are a recurring concern in small healthcare practices. Mr McKinley identifies late payments from patients and insurers, large end-of-year supplier orders, and lack of contingency reserves as common problems.

“To mitigate these, implement prompt billing, follow-up regularly, and consider negotiating supplier terms during high-demand periods,” he says. Creating a financial buffer for quieter months and monitoring monthly variances helps avoid surprises.

Structuring for Savings

Practices can improve cash flow by structuring expenditures strategically. Mr McKinley highlights the Instant Asset Write-Off for capital purchases under AU$20,000 (ex GST), provided they are installed and in use by 30 June. Prepaying next year’s expenses, such as insurance or subscriptions, is another way to maximise deductions. Additionally, optimising staff rostering and inventory levels can generate meaningful savings.

Strategic Pricing and Service Expansion

Pricing should be reviewed at least annually – or more frequently if market dynamics shift. For example, if a competitor opens nearby, it may warrant a reassessment of pricing and product mix. When launching new services like myopia management or dry eye clinics, Mr McKinley advises calculating return on investment carefully: “Know your setup and ongoing costs, compare local competition, and understand if the service truly offers a unique selling proposition.”

Visit: optometryfinance.com.au

START WITH A PLAN – AND KEEP USING IT

Teresa Nguyen is a Finance Specialist with medical lending specialist, Credabl. She has spent the past 17 years working exclusively with the medical sector and is well known for crafting solutions for both personal and business finance needs.

Ms Nguyen believes a truly resilient practice needs more than just numbers on a spreadsheet.

“Many small practice owners create a business plan when applying for a loan to start or expand the business, but too often, this plan is forgotten once the loan is approved.

“The cashflow forecast shouldn’t be a document you submit once and ignore,” she says. “It’s a living guide to your business that should evolve alongside your goals.”

Practitioners should review both their business forecast and actual results from the prior year to reassess revenue, expenses, and net profit. And Ms Nguyen suggests breaking these figures into streams, such as general consultations, optical sales, and specialist services like dry eye or vision therapy.

Structured Support Ms Nguyen advocates for a robust business support team – including an accountant, commercial lawyer, marketing advisor, and specialist finance broker. Each plays a distinct role: the accountant ensures accurate tracking and tax strategy; the lawyer safeguards staff and commercial contracts; the marketing advisor translates your vision into patient-facing messages; and a specialist lender structures finance in ways that preserve growth opportunities.

Cash Flow Safety Nets

Cash flow issues are common, especially when practices expand or experience seasonal slowdowns. Ms Nguyen stresses the value in setting up emergency funds through unsecured or business-secured lines of credit.

“These are not just loans – they’re buffers that prevent disruptions like missed staff payments or delayed supplier bills,” she explains. She also warns against overcommitting to purchases – like fully fitting out three examination rooms when patient volume only supports one. It’s better to grow into the space, investing and upgrading equipment when demand is there.

Ms Nguyen concludes with a reminder that introducing new technologies or services requires not just enthusiasm, but also wellstructured financing. Stepped loan repayments can allow time to train staff, integrate new offerings, and build revenue – all without crippling cash flow in the early stages.

Visit: credabl.com.au

TAKING A PEOPLE-FIRST APPROACH

Kasia Groves is the founder of KG2

Consulting, which is focussed on providing practical solutions to human resources needs – including developing HR strategies, conducting HR audits, and resolving complex employee relations matters. She collaborates with businesses of all sizes to provide customised HR strategies and coaching.

Staffing is obviously a significant cost in eye health businesses, but Ms Groves warns not to just think of it as a cost, but rather, as a critical investment, because the real driver of sustained success in optometry lies in the team that delivers patient care every day.

She suggests that one of the most valuable investments a practice owner can make at the start of a new financial year is scheduling individual goal-setting meetings.

“Start with goal-setting meetings that integrate both clinical and commercial objectives,” she advises. “Everyone, from the receptionist to the optometrist, wants to feel like they’re contributing meaningfully.

“Understand what your employees want in their careers and align those aspirations with your business goals,” she explains. “Whether it’s CPD opportunities, training in new technologies, or simply clarity on expectations, personalising development plans fosters motivation and loyalty.”

This alignment is only effective when built on role clarity. Every staff member – from reception to lead optometrist – should understand their responsibilities, how their work impacts the business, and what success looks like in their role.

Moving Beyond the Annual Review But Ms Groves warns that “annual performance reviews are outdated”. Instead, she recommends a mix of formal biannual reviews and ongoing informal check-ins. Regular positive or constructive feedback keeps staff engaged and coursecorrects issues early. Importantly, it avoids surprises and strengthens the employeeemployer relationship.

Ms Groves notes that optometry’s unique intersection of retail and healthcare makes performance measurement more complex. Metrics should include not just financial key performance indicators (KPIs), but also patient outcomes and satisfaction. For frontof-house staff and dispensers, she stresses the importance of recognising their role in the overall patient experience.

Training Doesn’t Need to Be Expensive No doubt when you’re looking at budgeting, you’ll be considering staffdevelopment. “Look at what’s realistic for your practice,” she says, “but don’t neglect training altogether, even in a lean year.”

She says staff training doesn’t need to be financially burdensome, pointing to supplierled training as a cost-effective alternative. “Suppliers often offer free CPD sessions and product education. Practices can also foster internal knowledge-sharing, peer mentoring, and cross-training between roles.”

Team Building with Purpose

Ms Groves advocates for scheduling regular team-building events, but with sensitivity to individual needs, because “what energises one staff member might exclude another”.

Consulting staff on formats – whether it’s dinner, daytime activities, or educational evenings – helps ensure inclusivity and participation. “When people feel heard, they feel valued,” she says.

Plan for the Unexpected

When mapping the year ahead, Ms Groves urges practice owners to account for staffing contingencies. From school holiday rushes to extended leave or unexpected absences, having standard operating procedures and cross-trained staff is essential.

A simple HR audit in the quieter months can highlight gaps in documentation or processes that could disrupt service continuity later.

Ultimately, Ms Groves believes that valued staffare more likely to go “above and beyond” during busy periods. That value is demonstrated not just through pay, but through communication, career growth, and respect. “It’s the small acknowledgments, the clear expectations, and the opportunities to grow that keep people performing at their best,” she observes.

Visit: kg2consulting.com.au

SELL YOUR STRENGTHS, BUY YOUR WEAKNESSES

Paul Sallaway is the founder and Web Strategist behind Optics Digital, a digital marketing agency for independent optometrists. He provides specialist web design and development, local search optimisation, website hosting, social media management, email marketing, and Google ads.

When you’re mapping out your budgets, your operational goals, and your staffplans, don’t forget your marketing because, according to Mr Sallaway, this is one area where practices consistently underinvest.

“Marketing any business requires either some of your time and energy, or some of your money – usually both,” Mr Sallaway cautions. “Many optometrists are time-poor and don’t allocate enough budget to marketing. As a result, growth plateaus.”

How Much to Spend on Marketing? Mr Sallaway points to industry benchmarks that suggest small businesses allocate between 2% and 5% of gross revenue to marketing. Established practices leaning on word-ofmouth may get by on the lower end, but those with ambitious growth targets – especially new or expanding practices – should budget more aggressively.

Crucially, Mr Sallaway advises prioritising a professional, conversion-optimised website. “This is your digital shopfront,” he says, “and like it or not, many people are going to form impressions about who you are, your capabilities, and your professionalism on that basis.

“And yes, there are a lot of D.I.Y. website building platforms that will help, but I would caution against cutting corners. ‘You don’t get a second chance to make a first impression’ they say.”

Once your website is in place, attracting traffic becomes the next hurdle. Mr Sallaway breaks it down into three categories:

• Traffic you own – patients already in your database, email subscribers, and social media followers.

• Traffic you buy – paid ads via Google, Facebook, or Instagram.

• Traffic you earn – via content like blog posts, videos, or podcasts that increase organic visibility.

Measuring ROI Marketing’s return on investment (ROI) can be tricky to track, especially in healthcare, where offline touchpoints often play a role.

“A patient might hear about you from a friend, Google your name, then see a social ad two days later,” Mr Sallaway explains. “In that scenario, which interaction deserves credit for the final booking? The point is that even digital marketing is still full of attribution challenges.”

Despite these challenges, he identifies several key financial metrics that practices should monitor:

Cost per new patient: What does it cost in marketing spend to bring in a single new patient?

Patient lifetime value: How much revenue does an average patient generate over their relationship with your practice, including purchases and referrals?

Patient recall: What percentage of patients return for routine check-ups? A strong recall rate reflects effective retention strategies like newsletters and appointment reminders.

Booking conversion rate: Of all your website visitors, what percentage completes a booking or contacts the clinic?

No-show rate: How many appointments are missed without notice? Reducing this can significantly boost operational efficiency.

Revenue per visit: A high value here may reflect the success of premium offerings like dry eye treatments or advanced optical solutions.

Outsourcing vs In-House In marketing, Mr Sallaway suggests practice owners apply the principle of “sell your strengths, buy your weaknesses”. For example, if you’re great with patient care but struggle with email marketing or SEO, it’s wise to outsource those tasks so you can focus on what you do best.

With digital channels offering more transparency and control than ever, the financial year ahead is a prime opportunity for optometrists to turn marketing into a measurable, growth-driving part of their business strategy.

Visit: opticsdigital.net

WORKING ON THE BUSINESS

It’s been more than 35 years since Michael Gerber, in his book The E-Myth Revisited, identified that a big reason why commercial ventures fail is that too much time is spent working in the business and not enough time spent working on the business.

While the phrase almost seems hackneyed now, the principle stands true. A new financial year isn’t just a date on the calendar; it’s a strategic inflection point.

Take time at the start of the financial year to review your practice goals and set your intentions early, backing it up with clear plans and expert support. Your ‘EOYF 2026 self ’ will thank you for it.