As the calendar year ends, Australian businesses begin to prepare for the critical race to the end of the financial year (EOFY) on June 30. This period isn’t just about crunching numbers; it’s about evaluating and optimising your IT infrastructure to ensure you’re ready for growth, compliance, and efficiency. With the rapid pace of technological evolution, preparation is key to staying ahead.

In this guide, we’ll cover actionable strategies to streamline your IT operations, enhance security, and position your business for success. Whether it’s reviewing your IT spend, strengthening cybersecurity, or integrating new tools, now is the time to plan ahead. Many businesses experience a slower start to the year and provides an opportunity to reflect and realign business strategy.

Notably, Gartner reported a 6.8% increase in IT spending in 2024, with businesses placing a greater emphasis on cost-effective cloud and security solutions. In light of this trend, it’s essential to evaluate whether your current IT solutions remain the best fit for your evolving needs. By doing so, you can ensure you’re maximising the value of your investments while staying competitive.

Action Tip: Work with your IT provider to map out next year’s technology budget and identify cost-saving opportunities.

Cyber threats are on the rise, especially for small to medium businesses. This trend is underscored by the Australian Cyber Security Centre which reported a 13% increase in cybercrime activity in 2022-23. As EOFY approaches, it’s an ideal time to audit your security measures. Proactively addressing security through endpoint protection, phishing simulations, and awareness training helps keep your business secure. Prioritising cybersecurity now not only safeguards your operations but also positions your business to thrive in an increasingly digital landscape.

Action Tip: Implement a vulnerability scan, provide comprehensive security awareness training, and explore how adopting a Zero-Trust security model can offer greater peace of mind.

The Australian Tax Office (ATO) offers several incentives for IT investments, including the instant asset write-off and temporary full expensing schemes still available for small business. This makes EOFY time to upgrade aging hardware, migrate to the cloud, or invest in new software solutions.

Action Tip: Collaborate with your accountant and IT provider to maximise tax benefits on new IT purchases.

With EOFY approaching, it’s the perfect time to review your disaster recovery plan. The Australian Cyber Security Centre (ACSC) reported a 23% increase in cybercrime incidents, with almost 94,000 cases in 2022-2023. Despite this, 87% of small businesses believe they can recover quickly from a cyber event, often without the necessary infrastructure. This can leave them out of pocket and a damaged reputation.

Action Tip: Test your systems and document a disaster recovery plan to ensure swift recovery in case of disruption.

EOFY is a great time to set goals for upcoming IT projects, whether you’re planning a cloud migration or introducing new software. Early preparation provides an agile business to take on the latest trends with a roadmap that can accept change.

Action Tip: Schedule a consultation with your IT provider to prioritise projects that deliver the most value to your business.

By beginning your IT preparations now, the more room you have for strategic decisions. Transitioning into the new financial year with a well-oiled system not only reduces stress but creates opportunities for innovation and growth.