Start the financial year off right!
It’s that time again – just ringing in the start to a new fiscal year. What better way to celebrate than to take a minute to think about your business, where you’re heading and where you hope to be this time next year.
The best way to build a successful business is to set goals and set a plan to get there. Simple enough, but we are often too bogged down in the day-to-day tasks that we lose sight of the big picture. As a business owner, I completely understand. That’s why I wanted to share a few steps that you can follow to help give you the perspective you need to think BIG again.
Look back at last year’s performance
If you don’t know where you’ve been, how can you tell where to turn and how to get to your goal destination? You can’t, or at least it would be a slow and windy path to the top. To forge the fastest, most efficient route, I encourage my clients to review and learn from the past. So, take a minute and review your performance last year.
Did your margins increase or decrease? Is your customer base grow and, if so, where are these customers coming from? What were your strengths and weaknesses? What are the key drivers of your business? Don’t get discouraged if the results weren’t as good as you had hoped. Knowing the answers is the first step to taking action and making this year better than the last.
Pinpoint your goals for the year
Think about what you want to achieve this year. This is a chance for you to refocus and reconnect with WHY you’re in business. Think about what success means to you and list your top 5-8 goals for the year.
Remember, your goals don’t have to be strictly financial. So, yes, perhaps you want to double turnover, but maybe you also want to be known as the best in your industry or maybe you want to achieve a better work-life balance.
Formulate a strategy to get there FAST
The clock has already started ticking, so let’s look at paths to success. What do you need to do to achieve your goals? Who do you need to talk to? It’s important to focus on laying out specific, actionable steps that you can take.
You always want to be a couple steps ahead, so plan into the future. Don’t just lay out tasks for this month. Think about what you’ll have to be doing months from now to get to your goals.
Set metric to measure success
Now, onto one of my favourite topics: Key performance Indicators (KPIs). These are crucial to the success of any business. Setting the right measures for success will drive your business forward. They are a great tool and a powerful motivator for business owners.
For more tips on KPIs and how to best leverage them for your success, check out our recent blog post on the topic.
Focus, Refine, Succeed
As with any New Year’s resolution, it’s easy to be strong at the outset, but then quickly lose steam and focus. Don’t let this happen to you. Stay focused on your goals and the steps you laid out to get there. It may be helpful to print these out and have post them next to your desk so you see it every day.
I would also advise that you don’t get complacent. Maybe some metrics you chose weren’t the best or maybe you want to set a bigger goal. Don’t be afraid to rethink and refine. With your eye on the ball and a willingness to improve, you’ll give yourself the best chance of reaching (and hopefully exceeding) your goals this year!
It’s not always easy to get the time and perspective needed to do this. If you are in need of help setting goals, get in touch today for a free consultation. You have nothing to lose and loads to gain!
Upwards and onwards,