By Tina Zawila
Another 30 June has passed, and we are now into the 2024/25 financial year. So what goals are you setting for the new year?
Henry Ford’s quote: “If You Always Do What You've Always Done, You'll Always Get What You've Always Got.” seems particularly relevant at this time of the year.
Often business owners wonder why they seem to achieve the same results year on year, yet they rarely reflect on what they have done in the past, consider what they would like to achieve in the future, and then set goals to achieve better outcomes. The start of a new financial year is an opportune moment to set business and financial goals for long-term success and sustainability.
To start the process, consider the following steps:
Firstly, review your current position and previous year performance. Whilst I don’t advocate spending a lot of time looking in the rear-view mirror, it is important to know where you are starting from and what you would like to do differently.
Then define clear targets or goals that are specific and measurable. Whether aiming to increase revenue, expand market reach, or improve operational efficiency, each goal should be clearly articulated, with defined actions/projects and measures of success.
You should then talk to your accountant about translating these goals into a budget for the coming year. Having a budget not only mitigates financial risk, but also fosters fiscal discipline and accountability and will keep you focused to ensure you are on track to achieve a better result this year.
Now it’s time to involve your team. Share your vision for the future. Seek their input, ideas and contribution. Let them know how their role contributes to the overall success of the business and consider how you can all keep each other motivated and on track to achieve the targets and goals. Involving your team promotes collective ownership and commitment and motivates teams to work towards tangible outcomes. If possible and practical, consider a shared reward for the achievement of goals and targets.
By establishing clear objectives, aligning financial targets, fostering innovation, engaging stakeholders, and monitoring progress, businesses can position themselves for sustained growth, profitability, and competitive advantage in an ever-evolving marketplace.
If you need assistance setting business and financial goals for 2024/25 contact the professional team at UHY Haines Norton on 49721300.
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