EOFY REFLECTION: IS YOUR TEAM SET UP FOR THE YEAR AHEAD?

As the end of the financial year approaches, many companies focus heavily on budgets, forecasts and financial performance. While these are important measures of success, EOFY is also the perfect opportunity to assess something equally critical: your people. 

The strongest organisations don't simply look back at what was achieved over the past 12 months. They take the time to evaluate whether their team is positioned to meet the challenges and opportunities of the year ahead. 

Before finalising your plans for the new financial year, consider these four key areas. 

1. Are There Skills Gaps Emerging?

Company priorities evolve, industries change and technology continues to reshape the way we work. The skills your team needed two years ago may not be the same skills required moving forward. 

Take a step back and assess where capability gaps may exist.  

• Are there specialist skills your team lacks?  

• Are certain employees carrying responsibilities outside their expertise because no one else has the required knowledge? 

Identifying these gaps early gives companies time to invest in training, succession planning or recruitment before they become a problem. 

Example: A business might be strong at delivery getting projects built on time and on budget but light on the front-end feasibility and planning side. Without that capability in-house, every new site acquisition relies on external consultants, slowing down decision-making and eating into margins on deals that need to move fast. 

The organisations that remain competitive are often the ones that proactively build capability rather than reactively filling gaps when they become urgent. 

2. Does Your Team Structure Still Make Sense?

Team structures often develop organically over time. New roles are added, responsibilities shift and reporting lines evolve. 

EOFY is an ideal time to review whether your current structure still supports your business objectives. 

Ask yourself: 

• Are responsibilities clearly defined? 

• Are there overlapping roles creating inefficiencies? 

• Are key decision-makers overloaded? 

• Are there functions that have outgrown their existing structure? 

Example: A senior project manager might technically report to the project director but also takes direction from the development manager on decisions too because that's just how it evolved. Neither party is wrong, but the lack of a clear reporting line means accountability becomes murky the moment something goes off track. 

A well-designed team structure improves accountability, communication and productivity. It also creates clearer career pathways, which can support employee engagement and retention. 

3. Is Workload Distributed Effectively?

One of the biggest risks for growing businesses is uneven workload distribution. 

Often, high-performing employees become the "go-to" person, taking on increasing amounts of responsibility while others remain under-utilised.  

Review workload across the team and look for signs of imbalance: 

• Who is consistently working beyond capacity? 

• Are certain projects dependent on one individual? 

• Is there sufficient support in key areas? 

• Are employees spending time on tasks that could be delegated elsewhere? 

Example: Picture one finance manager handling every payroll run, every supplier payment and every month-end report for the whole business, while the rest of the team only ever do data entry. The business has effectively built a single point of failure. If that person leaves or takes leave during a critical reporting period, payroll and supplier relationships are put at risk. Spreading that knowledge earlier protects the business and builds capability across the team. 

Addressing these issues before the new financial year can improve productivity while reducing the risk of losing top talent. 

4. Is Your Leadership Capability Strong Enough for Future Growth?

As organisations grow, leadership requirements change. 

The skills that make someone a strong individual contributor don't always translate into effective leadership. EOFY provides a valuable opportunity to assess whether your current leaders have the training required to guide teams through the next stage of growth. 

Consider: 

• Are managers effectively developing their teams? 

• Is succession planning in place for critical leadership roles? 

• Are future leaders being identified and nurtured? 

• Do leaders have the tools to manage performance, change and growth? 

Example: A top-performing accountant promoted into a finance manager role because of strong technical results may now be expected to run performance reviews, manage a small team and present to the board without ever having been trained in any of those things. 

Investing in leadership capability today can have a significant impact on team performance tomorrow. 

Looking Ahead

The new financial year presents an opportunity to reset and plan for growth. While budgets and forecasts are important, the success of those plans ultimately depends on having the right people in the right roles. 

By reviewing skills gaps, team structure, workload distribution and leadership capability now, companies can enter the new financial year with greater confidence.