Start The New Financial Year Productively
How Businesses Can Start The New Financial Year Productively
It’s the start of a new financial year and Stirling local business owner, Suzzanne Laidlaw, wants business owners to get off to a productive start.
“This is the time when business owners should be sitting down and planning for the year ahead and reviewing their last 12 months”.
Ms Laidlaw, a business reformer, coach and productivity expert, lists her top 5 tips for business owners to start the new financial year with their best feet forward:
- Look at the long-term vision for your business. Are you on track for achieving your vision? If not, what needs to change?
- Review your goals from the last financial year and re-assess what needs to change to be #1 in your industry.
- Review your financials. Look at where the profit is coming from by doing a full review of your products and services and seeing what has the biggest margin.
- Review last years budget and set up a new budget for the financial year
- Determine what strategies you need to prioritise to achieve your budgeted revenue targets.
“Once business owners make and take the time to sit down and address the 5 tips, they’ll be so thankful they did as it gives them the opportunity to work on their business as opposed to ‘in it’ and it can really help them plan for greater success”, says Ms Laidlaw.
Ms Laidlaw believes that visions, goals and budgets are essential in planning for business success, though many business owners still don’t have these done or in place.
“I’m passionate about business planning as it’s the cornerstone for success and I work with many business owners who basically have no idea where they’re at with their business and after two days of working with me, they walk away with a full business plan and projected 5-year growth”.
“Not only does a business plan give you clear direction and understanding of the numbers, but businesses who do have effective business plans are more likely to grow their business, secure investment and funding and also have a clear plan of when to exit or sell their business”, says Ms Laidlaw.