The new financial year can be the perfect time to set new goals aimed at growing your business. A review of what worked and what went wrong at the end of the outgoing financial year can help you clarify the goals you want to achieve moving forward.
At the start of a new financial year, the following three goals are recommended:
- Update your business plan
A review of your business plan will help you to reassess the direction you want your business to go in. This is an excellent opportunity to ask a few pertinent questions regarding your business’ finances like how much profit you are making, how can you increase revenue and how you can improve your bottom line.
- Get organised on tax compliance
Meeting tax compliance obligations can be time-consuming, and if you’re not well-organised, this can rob you of time that can be spent on growing your business. Getting organised can save you from having to pay late-payment penalties.
- Build a new business skill
You need a range of skills to run a business successfully. What business skill will help you grow your business? Accounting skills, computer skills or updated technical knowledge in your field of business? Investing in yourself and your knowledge can prove beneficial to your business.
If you’re planning new business goals, here are five crucial goal-setting rules to bear in mind:
- Goals need to be realistic to be attainable. Do you have a plan on how to achieve them?
- Your plan of action should comprise some small actionable steps.
- Prioritise the most important goals and spend your time and focus on these areas.
- Find ways to measure the success of your goals – how will you determine actual results?
- Establish realistic deadlines of when goals should be achieved. This will help keep you focussed and accountable.