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Setting Goals For The New Financial Year

Written by Anni-Mari van Wyk

On Mar 2, 2020

There’s nothing like a new beginning to get people motivated. If you’re someone who loves a fresh start, the new financial year is the perfect time to set business goals. By setting goals, you work harder in making sure that you have a successful financial year – which helps in growing your business in the process.

See the new financial year as an opportunity to fix your mistakes and take your business’ finances to new heights.

Here some helpful goals that I think would be best to consider for your business this financial year.

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Goal#1 Write it down:

Before you start setting your goals, have a written brainstorming session. Write (or type) anything that comes to mind that you desire to do in the coming fiscal year (saving more for retirement, employee benefits etc.).

When you’ve finished writing, look back through your list and determine which you’d most like to accomplish in the financial year and consider sharing those with your accountant or financial advisor to determine if those goals are feasible.

Goal #2: Get on top of your business financials

Reviewing your business financials (including your cash flow) will help you actively monitor the health of your business. If the numbers aren’t adding up, it could be time to talk to your accountant to discuss what financial strategies you can put in place to help turn things around.

If you’re thinking of growing your business – having up-to-date financials can help you forecast what the financial impact of these decisions could be, and whether now is the right time for your business to expand.

Goal #3: Review and update your marketing or business plan

If it’s been a while since you first created your business or marketing plans, this financial year in a new decade could be the perfect time to review them.

Your business could be quite different from what you first imagined it might look like. By updating your plans, you can reflect on what you’ve experienced so far – and get specific about what you want to achieve.

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Goal #4: Meet your tax commitments on time

It’s easy to procrastinate at tax time. With weeks or perhaps months ahead to prepare your tax statements, you might feel there’s no need to take action on your taxes just yet.

On the flip side, if you set a goal to be more organised with your taxes, you’ll reap the rewards. You won’t feel the stress of impending deadlines, you’ll avoid any late-payment penalties and have more time later in the year to work on your business, instead of on your taxes. Talk to your accountant and work together to achieve this specific goal successfully.

Goal #5: Develop your business skills

Running a business takes a range of skills – and there’s no limit to what you can learn. You might decide that this year is the perfect time to:

Work towards a certain qualification or accreditation within your industry.

Attend a seminar or conference to keep up-to-date with your customer needs, suppliers and other industry information.

Learn new ways to market your business, such as using social media platforms you haven’t used before.

Learn more about the financial side of your business, including bookkeeping, tax regulations and insurance.

Think about which skills could take you further in your business.

Goal #6: Do that one thing you’ve been avoiding

When you’re working in your business, it can be hard to find time to work on your business. There’s usually at least one element of your business you’ve been wanting to change but haven’t found time for yet. You might have been meaning to upgrade your website, book repairs or equipment upgrades, reach out to clients you haven’t heard from for a while or look for a better deal for your business insurance or banking.

As I have mentioned in the beginning, getting things right from the start affects how you finish at the end. Start planning for the financial year today! Get in touch with me and let’s make 2020 THE best financial year for you and your business. 

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