>>> The 2018 Half-Time Score Update!
Happy New Financial Year! Where did the first half of the year go, before you know it we will be celebrating the Festive Season! 🙄
You still have plenty of time to make the second half of the year even BETTER than the first. That’s not to say that the first half of your year didn’t end up the way you wanted it to…BUT if it hasn’t you’ve got another shot.
Of course, if you ARE smashing your goals, pat yourself on the back and high-five, take a quick breather and get ready to make the second half even better.
I always think of July as a reset for your business, leave behind what took place last year and focus your attention on what could, should and WILL happen in the new financial year! 🎈
So here are my top tips to review the last financial year…
STEP 1 – A YEAR IN REVIEW
1. Review your business structure
As your business grows and as your goals change year-to-year, you may decide that restructuring your business is the best way forward. You might add a new partner, change the ownership of the business completely, or restructure your internal operations.
Changing your business structure can help make the business more profitable, improve processes and efficiency. Making these changes in time for a new financial year will make it easier to measure the benefits of those changes, and doesn’t involve uprooting your entire business in the middle of the financial year.
2. Review and update your business and marketing plans
A new financial year is a “fresh start”, and you can take the opportunity to set yourself up for the year ahead. Review your sales targets and projections, how you are going to achieve your goals and what marketing platforms you will use in line with your brand and the services you offer. Where does your ideal client hang out?
Here is a copy of a 1 Page Business Plan, I highly recommend you update your Business Plan on an annual basis in line with current trends. It gives you the opportunity to review any changes to your direction, services and activities!
3. Business Goals & Objectives
What business goals and objectives have you set for the coming financial year? What are your longer-term goals for a 3, 5 and 10 year plan? Are they SMART – specific, measurable, attainable, realistic and time-bound?
4. Research tax and legislative changes for 2018/19
There may be tax changes that you need to be aware of. These might include changes in tax breaks and deductions for small business. Check in with your accountant to keep you up-to-date and also seek advice on ways to make your reporting more efficient to save time and money.
And finally… reaffirm your goals.
STEP 2 – REAFFIRM YOUR GOALS
Take some time to look back at the goals you set earlier in the year:
📌 Are they the same?
📌 Are they still relevant to you?
📌 Or have they changed?
If you need to add any details or tasks, then do so. If the goal has slightly changed then take the time to set new goals.
Where you focus your energy for the next 6 months is so important to finishing the year strong.
📌 I would ask you to consider, where else in your biz would it be useful to apply a reset?
📌 If you could reset or change course on a particular behaviour that was impacting your biz, what would it be?
To your success…