The new financial year is a key time in business, offering a fresh opportunity to take a big picture perspective of your enterprise and plans for the period ahead.
So, as the calendar flips from June 30 to July 1, what should you be considering in business? Here’s a quick checklist and guide to where your attention should lie at the start of a fresh financial year.
Armed with all the insight of a financial year just passed, there’s no better time than now to examine your business bottom line.
How did the numbers stack up against the year prior and the goals you set at the outset of 2018/19?
This is the key time to revisit your KPI’s and look at what’s working and what’s not in terms of pure numbers. And don’t forget these numbers reveal a host of important things about your business, not just in terms of sales and income, but also the processes and procedures that are working and the ones that might need further attention.
Just as you set personal resolutions come New Year, the new financial year should see you setting goals for your business.
This is the opportunity to consider what you are hoping to achieve in terms of business growth and finances in the year ahead.
It’s not just business goals you should be considering as you ponder the year ahead. What are you personally hoping to gain from your business?
Would you like additional time off, an improved lifestyle, a holiday? Or are you looking to sell in the years to come?
All these should be factored into your business goals, so you can start documenting the required course of action and take the steps you need to achieve your dreams.
Whether the business is growing or you’re looking to step back, this is the ideal time to consider your staffing requirements for the months ahead. It’s also the chance to nut out the key roles in your business and flesh out the position descriptions and responsibilities involved.
Meanwhile, now might also be the right time to consider conducting annual performance reviews, review your training standards and document policies and procedures.
Just as goals, numbers and staff change over the financial year, so might your ideal customer. Now could be the perfect opportunity to revisit your customer persona and delve deeper into what drives them to use your services.
By examining what you offer and who it’s suited to, you can improve your marketing for the year ahead, while also tailoring your services and offerings to better suit their needs.
Your business plan
With the numbers, customer persona, staff forecasts and goals in hand, the new financial year is also the time to pull out that business plan and check it suits your revised expectations and plans.
A business plan is the roadmap of your enterprise’s future and as such it’s a living document that requires constant upgrading.
Meanwhile, within that plan there are details that have likely altered over the course of 2018/19.
From your staffing levels and key positions to your finances, plant and equipment, and premises, take a quick look through your plan and see the simple things that need to be updated, along with the plans and goals you need to insert for the future.
The new financial year might involve a focus on the nuts and bolts of business, but make no mistake, revisiting the past and planning for the future of your business is very much about you personally and what you’re hoping to achieve.
It’s the chance to set your dreams in motion, achieve the lifestyle you want your business to deliver and map out your personal future.
If you’re considering where your business will go in 2019/20, I’m available to assist, with goal setting and business planning that delivers the success you deserve.
You can find out more about working with me here