A reflection of FY20 at SBO

SBO

As another financial year comes to close I make a habit of reflecting on the year that was. This is from the lens of personal development and company milestones -what we achieved, what we failed at, what we can do better.

We don’t normally share these publicly. 

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Not because they’re not valuable – but because they are quite personal.

So instead, we decided to write a post to celebrate the wins of our clients.

Among the many highlights over the last 12 months, here’s are some of the business and financial milestones our clients have achieved (in no particular order):

These are just some of the client successes we can talk about publicly.

Some of other milestones we helped our 6, 7 & 8-figure business clients achieve include:

  • Pay up to 7-figure dividends from their company
  • Assist with the expansion into new markets from a operational/financial lens
  • Profitably scale their business and understand their unit economics
  • Get a grip on their numbers and help them build more profitable, cash rich businesses

The impact of COVID-19

The past few months have obviously challenged most businesses.

Accounting businesses – such as ours – have not been immune. 

A lot of ‘free’ work was done. We had some churn. There are some debts that will never be recovered.

Our team has had some really tough conversations with business owners. There were some sleepless nights and even some tears were shed. 

It was clear that Accountants carried much of the burden for small businesses, both financially and emotionally.

I am proud of how our team and the broader accounting profession rallied together to support small businesses through this time of crisis.

To navigate the daily drop of legislative changes from both the Federal and State Government to assess and apply for stimulus measures.

We developed tools and advice, just hours after Government announcements, which included:

  • A centralised COVID-19 plan  – a document to centralise all of the concessions available to ensure every small businesses, from a State, Federal and local government and bank level
  • A practical, step-by-step guide to interpreting and implementing JobKeeper
  • Various spreadsheets and calculators to understand their eligibility and entitlement
  • A series of recession planning webinars for business owners, where we partnered with other industry leaders, including Shopify and SmartCompany, amongst many others. 

We even broke Google Sheets, as half of Australia tried to access a Cashflow boost calculator we built (this is the one we’re most proud of).

Overall, 2020 was one of hell of the year. 

I can’t wait to see what’s in store for FY21.

Thank you for all your support and generosity throughout the year. We’re deeply grateful.

Sincerely,

Jason, Rowan and the SBO Team.

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