The beginning of the financial year is a lot like new year’s day…
A bit of a ohh bugger another year moment…
Followed by a fear of repeating last year’s mistakes…
Or even worse making bigger mistakes
Something we frequently find with a number of our clients at the beginning of a new financial year is looking to gain more for less.
In my experience there is no such thing as getting more for less,
rather it being lets #getsh!t done.
Pulling up our business socks
and getting our hands dirty.
Below I have complied my top 5 tips from my 20 years in business to help get the new financial year australia off with a bang!
So here are some tips to start the new financial year from 2018:
- Set smart goals
And more importantly set up some strategies and systems that are going to make your life easier and increase your chances of becoming successful in this financial year after the financial year dates. One of the goals we have here at Insiteful is to bring in a general manager to help sustain the next leave of growth. Some of our client’s goals include having long lunches on Fridays (This client works 50 hour weeks standard). Whatever your goal might be break it down, make it impossible for failure.
- Be aware of cost cutting pitfalls
One of the pitfalls I see a lot of my clients falling into is going from one extreme to the other. From being fairly liberal in there spending to completely lean. Don’t get me wrong the start of the financial year is a great time to trim some of that business fat. But cutting costings incorrectly is just as detrimental as over spending. My advice would always be to surround yourself with a good accountant and people that our experts in their field and make each business decision smartly. Use your head and your calculator not your emotions
- Staffing plan
One of the biggest business decisions you’ll have to make is whether or not to hire employees in the coming financial year. Also to Consider your new goals, expectations for customer demand, staff maternity and holiday leave and current staff level to project your needs. If you’re on a limited budget or only need intermittent help, consider outsourcing outside agencies with projects as-needed. At Insiteful we service a number of clients who outsource there marketing needs to us, which saves them time and money. If you do plan to staff up, just make sure you make the right hire, as the wrong person can be detrimental to your business.
- Know your numbers
With the numbers fresh in people minds on their spending’s last year. Many businesses to business and even consumer based industries are reluctant to make big purchases. The key to being successful in any business is not just knowing your numbers today, but knowing your numbers all day every day, all year round. Knowing your numbers inside out back to front means you can make better business decisions and back your decisions.
- Marketing Strategy
Remember what you do today, will be your pay 3-6 months from now. If you get busy as a business owner and forget about investing in your digital marketing, advertising and sales. In three months the phone may not be ringing off the hook. In the same token, what you invest in time, money and hard work will generally always pay dividends 3-6 months down the track.