End of Financial Year Goals – EOFY

“Every new beginning comes from some other beginning’s end.” – Seneca

It is reaching the end of the financial year, and most of the discussion on EOFY is about organising your tax. It would be easy to forget that as well as an end, there is also a new financial year beginning! So rather than focusing on the past, here are some points for the year ahead.

What is your Big Picture?

Take a moment to reflect on the goals of your business. Are they still current, are there any tweaks you would like to make? From there what are the strategies or plan for the coming year to work towards your business goals? Are they the same as last year, or do they need updating for new information, learnings or results?

Put all this into a budget or updated forecast. This will show you the financial implications of your goals and measure your progress in the new year.

Review of your Risks

The good old SWOT analysis. This should help inform your plans for the next year.

Take a moment to have a look at risks to the business. Risks relating to competitors, regulatory changes and technology.

And those relating to key personnel. Are you irreplaceable? Would everything stop if you could not be at work? Are there other key people?

For the key risks identified, consider mitigation measures and included these in the plan for the new year.

Your People

With the plan for the year ahead, do you have the right level of staff? If not, what steps can you start taking now to ensure the right staff are in place?

For existing staff, have you provided feedback during the year? Is it worth letting them know how this year has gone; plus the plans for next year. Bring them on the journey.

It is also a reminder to make sure you have booked in your work Christmas party.

Personal Goals

It isn’t all about work, and it is good to make sure you are taking care of yourself too. Check in on those new year resolutions that are 6 months old and see how you are going. Maybe make some tweaks.

Is there a holiday that needs planning for something to look forward to? Is there a check-up that you have been putting off? Or just book in a date night.

Making a little time to look at your big picture will put you one step ahead for the new year.

Happy New Year.!

Justin Hogg is an Accountant and CFO for Businesses, Founders and Entrepreneurs. He manages the numbers so that you don’t have to. He offers an initial complimentary 30 minutes session to see if he can help you to save business costs and reduce risk.

To arrange an initial, complimentary discussion, email me justin.hogg@rightsource.com.au or call 0414 896 696.

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