End of Financial Year – Are You Ready?
It comes around every year like clockwork: the end of financial year. Many of you may have started out the previous financial year with good intentions of keeping your books updated, remaining on top of your invoices and generally being more organised in your record keeping.
Before you know it, the pressures and general business of day to day life has meant that you have found yourself in the midst of a struggle against what you want to achieve before the next financial year comes along, and what is possible to achieve.
While it can be a stressful time, the new financial year can also act as a great incentive to introduce new and more efficient ways of working into your organisation. As a business owner or manager, having a few solid strategies in place can make a huge difference to where you are placed at the end of the next financial year.
- Prepare for a fresh start
The end of financial year is an opportunity to clean up and start afresh, both physically and mentally.
Physical: Complete the administrative wrap-up of the upcoming financial year as promptly as possible. Ensure that you are already one step ahead of the rest by being the most up to date you can be.
Psychological: Reflect on what you and your team have achieved in the previous financial year. Thank those who have gone above and beyond and pay extra attention to areas that may need a tune up.
- Allocate time for planning
Often it can seem like the quicker we attack the work directly in front of us the more we will get done. Certainly, be eager to get stuck into the challenges the new financial year presents, but remember that solid planning is essential for long-term and consistent results.
- Create or update your business plan
The new financial year is the perfect time to get your sights back on the big picture of what you are striving to achieve. Review your current business plan and check to see if the main goals and procedures in there are appropriate for what you have learnt throughout the previous financial year.
If they are – great! Use this opportunity to re-focus on what matters most. If they aren’t, now is the perfect time to address any of the issues that remain outstanding in the current business plan. Speak directly to each of your departments and get their input as well to ensure that you are acting in the best interests of your immediate team and the entire organisation.
- Set goals to stay on track
Goal setting is important at all points throughout the year, however it is an imperative tool to implement during big transition points such as the beginning of a new financial year.
Make it a goal to set up clear and succinct tracking methods throughout your department so that work completed can be followed up more quickly and easily. Additionally, make time to go over what you have achieved month to month so there aren’t any nasty surprises waiting for you to discover at the end of the next financial year.
Remember to revisit your goals on a regular basis to ensure they are still relevant to what you and your organisation is aiming to achieve.
Do You Need a Jump Start into the New Financial Year?
Leadership Management Australia’s Jump Start Workshop is a complimentary workshop to empower you with the tools and strategies to achieve success in the workplace. The workshops are held at various locations throughout Australia and New Zealand and are the perfect opportunity to start addressing how you and your team can get more out of the next financial year.
To register your interest at any of the workshops follow the link here and get the Jump Start you need to achieve more this financial year.