4 Things a Business Owner must do at the beginning of the financial year:
Refresh your mind
Often, we know what we need to do, but we get bogged down in day to day things that we lose focus. Take the time to get inspired – listen to inspirational speakers on Youtube. Get some tips of staff management to ensure you are getting the most out of your team. Look for ways to achieve and exceed your goals. Reflect on the last year and think about what you did well and what roadblocks you faced. That way you can keep doing the good things and plan to get around the problems.
Set your goals
What do you want to achieve for the year? What is your BHAG (Big Hairy Audacious Goal)? What are the steps that need to be taken to achieve this? Communicate to your team about what that is and get their buy in on what they all need to do to get there.
Do up your budget to see how your plans affect your cashflow. What months do you need to get additional cash? What is the minimum sales you need to get by? What happens when you achieve your BHAG? Enter this into your software (e.g. Xero) so that you can compare this to actuals each month.
What are the top 3 things you should be doing each day? Ensure you can delegate the rest and focus on this. If you are not managing or driving the business and your team, who is? Set a plan for how you are going to deal with the distractions.
If you need advice, please reach out to your trusted PJT accountant or advisor.