The end of the financial year is always a stressful time, trying to wind things up from the previous financial year whilst trying to juggle the usual day-to-day operations. For small business owners, it is imperative that they take time-out to focus, reflect and plan for the new year.
The below tips will assist you in making a fresh start to the new financial year;
- Physical: organise your financial and administrative affairs for the 16/17 financial year as quickly as possible, this will allow you to clear your head of the past financial year and focus on the new one!
- Psychological: Have it set in your mind that July 1 is the date you make a fresh start. This allows you to use June 30 as a day to thank people that have helped you in the past year and reflect on what you have achieved and what you can improve on for the next year.
- Organise your tax;
NBC can help you organise your individual and business tax returns/accounts for the 17/18 financial year. Although you should organise to meet with your accountant before the end of the financial year so that you can make the most of the tax benefits available to you.
- Set aside time for planning;
You should allocate time to planning and reflect at different stages throughout the year to determine if you are on track to meet your objectives. The start of the financial year is a key time to sit down and have a look at your business strategy.
- Planning can also include updating or creating a business plan; some key points to consider;
- Is your mission and vision still the same?
- Objectively analyse and summarise the competitive environment, including changes that have arisen in the past year (for example new competitors, changes in the market pricing and economic changes that may impact your business).
- Develop a strengths, weaknesses, opportunities and threats (SWOT) analysis based on your reflection from the past year and determine any changes in the strategy, direction or objectives. You need to ensure that you prioritise critical tasks that arise from this analysis.
- Be optimistic about your targets for the year making them challenging yet relevant, ensure these are specific, measurable, attainable, reliable and timely (SMART).
If you need help creating a business plan, identifying targets or require assistance with starting, growing or selling your business contact us on (07) 3862 8777.