4 Things a Business Owner must do at the beginning of the Financial Year

Refresh your mind

Often, we know what we need to do, but we get bogged down in day to day things that we lose focus. Take the time to get inspired – listen to inspirational speakers on Youtube. Get some tips on staff management to ensure you are getting the most out of your team. Look for ways to achieve and exceed your goals. Reflect on the last year and think about what you did well and what roadblocks you faced. That way you can keep doing the good things and plan to get around the problems.

Set your goals

Here are the questions you might want to ask  yourself this EOFY:

  • What do you want to achieve for the year?
  • What is your BHAG (Big Hairy Audacious Goal)?
  • What are the steps that need to be taken to achieve this?

Communicate to your team about what that is and get their buy-in on what they all need to do to get there.

Budget

Do up your budget to see how your plans affect your cash flow. What months do you need to get additional cash? What are the minimum sales you need to get by? What happens when you achieve your BHAG? Enter this into your software (e.g. Xero) so that you can compare this to actuals each month.

Focus

What are the top 3 things you should be doing each day?

Ensure you can delegate the rest and focus on this. If you are not managing or driving the business and your team, who is? Set a plan for how you are going to deal with the distractions.

Evolve Online Bookkeeping provides a wide range of services to business clients in Sunshine Coast. No matter the size of your business, we can provide professional Xero bookkeeping services to benefit your business – often for a lower price than an in-house bookkeeper or one who comes to you periodically. Contact us for more information on what our packages include – check out our packages page here.

Jodie Thompson

Jodie Thompson

Jodie is a qualified CPA and company director having managed her own accounting and advisory firm for over 10 years. Jodie’s experience in establishing and growing businesses is second to none and her hands on approach and technical expertise is valued by our team and our clients alike.

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