Business Accountants: Goal-Setting for the New Financial Year: Planning for Success

 

As we enter a new calendar year, it’s the perfect time to review the past year, reflect on successes and challenges, and set goals for the future. By planning ahead, you can stay on track to achieve your financial objectives and be prepared for any hurdles that come your way.


Your Yearly Business Review: Key Questions to Consider


  1. Impact Assessment: What were the most significant impacts on your business in the last 12 months? How well did you meet these challenges?
  2. Success Analysis: What worked well last year? Which systems, technology, products, or services were successful?
  3. Celebrating Accomplishments: What achievements can you celebrate?
  4. Learning Opportunities: What situation, event, or experience provided the biggest learning opportunity?
  5. Future Challenges: What is the biggest challenge or frustration you face as you prepare for the year ahead?
  6. Enjoyment Factors: What did you most enjoy during the year? Do more of it. What did you least enjoy? Do less of it!
  7. Financial Health: Analyse your financial reports. Are you earning what you’d like to? Is the business sustainably profitable?

Finding Your Inspiration


Start with the bigger picture and identify what you want to achieve through your business. What excites you about your work? Is it to create wealth, or are you planning to build up the business to sell it for a profit? Understanding your ‘why’ helps you gain clarity on your goals and sets the foundation for working towards them.


Setting Measurable Goals


Set specific, measurable goals (SMART Goals). Think about the metrics you already track and how you’d like them to change. For example:


  • Increase net profit by 3% year-on-year
  • Reduce expenses by 2%
  • Acquire 1 new customer per month
  • Reduce average payment time to under 50 days
  • Take 4 weeks of vacation without going into the office

Breaking Down Goals


Break your overarching goals into smaller, actionable steps. It’s easier to make incremental progress towards a large goal. For instance, instead of aiming to triple revenue over several years, plan smaller steps like increasing product range or boosting revenue by 20% per quarter.


How We Can Help


While many metrics can track business performance, we’ve provided some ideas to inspire your business planning. Whether you’re a startup, a growing business, or an established enterprise, our team of knowledgeable accountants and business advisors is here to support you. We can help review your goals and set a plan to achieve them, propelling your business forward in 2024.


Ready to Elevate Your Business?


Let’s make the next financial year your best one yet. If you’d like to discuss what you can do differently this year to help your business thrive, book a time with us today.

 

 

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