New Financial Year Resolutions

Another financial year has come to a close and FY2021 is well and truly underway. For many businesses and families the impact of COVID19 over last few months has been pretty tough and while there may still be a long road ahead to recovery the start of a new financial year is the perfect time to pause, reflect and take charge of your business and finances.

Before looking forward it is important to look back.

Reflect on the year gone by and consider what worked well and what inefficiencies and changes you would like to address.

Set your goals and resolutions for the new financial year

Whether it’s to grow your business, improve profitability, spend more time with the family or to save for retirement, that next big purchase or just that safety net bank account for the unexpected.

Failing to plan is planning to fail

Be specific, how will you know when you have achieved your goals and how do you intend to achieve them. Set a budget, make a marketing plan, implement staff training and software solutions that can allow you to delegate, automate, step back and refocus your attention on what is important. If you have pulled money out of super under the COVID stimulus maybe your goal this year is simply to save up and replace those funds or possibly you have a goal retirement age and it’s time to take a serious look at your present position compared to your projected retirement needs and what steps you can take now to get you closer to that goal.

Keep yourself accountable

Set aside time to check in throughout the year and measure your progress. Are you on track or have you dropped the ball. Don’t be afraid to reassess and move the goal posts, your goals generally should challenge you but not so much that they become demotivating and sometimes like we have seen in the last few months life just has other plans.