5th June, 2018

10 things to set yourself up for a great start to the new financial year

The great thing about the end of financial year is that you get to start over – so even if this year wasn’t the best you have a chance of re-invention.

So, what are the ten things you can do to set yourself up for success in the new year?

I’m glad you asked.

1. Have clear goals and targets

Setting goals and clear sales targets for the year will sharpen your focus and deliver better results.

Take the time to set some SMART goals that are specific, measurable, achievable and realistic.

READ: Setting SMART goals

Set timelines for when you’d like to achieve these goals for even more impact.  Consider writing the goals down and reviewing them on a daily basis.

2. Plan monthly actions

Goals and targets are great, but can only be met if you take action towards achieving them.

Set up a plan of action for each month and check your progress at the end of the month.  The business year can fly past so quickly it’s important not to let months slip by without achieving what you need to.

If you have a business coach or mentor use them to hold you accountable for your monthly plan of action.

3. Review your customers

The end of a financial period is the perfect time to take stock of your performance.  Did you attract the right customers to your business?

Were these customers a good match for your product or service?  Consider categorising your customers into the most profitable, the best to deal with, frequent buyers who help your cash flow, and categorise by their lifetime value.

READ: 5 customers who are bad for business, and how to deal with them

By being clear on which customers are best for your business, you can focus on attracting more of them this year.

4. Ask for feedback to improve

Good businesses are always looking for ways to improve and keep relevant to their customers.  But they can’t do it alone.

Get your customers to help you by asking them for feedback.

Phrase your question: “What areas can we improve on or how can we serve you even better?”

Some of the best ideas can come from people close to your product or service.

5. Book a holiday

To get you through the year ahead and to keep you at your best, book a holiday now so you guarantee you’ll get a break.

It can provide extra motivation right from the start of the year and by booking now it enables you to give your customers advanced warning of your break.

READ: Are you maintaining your most important business asset?

6. Refresh your website

When did you last refresh your website?

At the very least read through your website and update any outdated information.

7. Review (or get a) social media strategy

If you’re doing social media, you need to be strategic.

If you already have a social media strategy, take the time now to review how you performed last year and what things you could improve on.

If you don’t have a social media strategy now is the right time to get one in place.

8. Pick at least one training workshop for the year

Keep yourself fresh by keeping up with the latest in your industry or in business in general.

Look at training programs in your local area or through your industry association and book yourself and your staff in to them.

Put it in your calendar and make it a priority to attend.

9. Clean out your email folder

It’s great to start the New Year with a clean slate and a clean inbox.

Make the effort to sort out, delete, action or file your emails.

At the very least archive last year’s emails so they leave your inbox ready for 2018/2019.

10. Identify your highlights and lowlights

To make sure this year is better than the last you need to not make the same mistakes, and do more of the things that worked.

EOFY is the perfect time to objectively review your business and identify three things that worked well and three things you could improve on.

Document your answers and refer to them regularly to stay on track.