Prepped for 2018 Success

By Steve Marsten

We know the end of the financial year is always a stressful time in business. Everyone is trying to wind things up from the previous financial year whilst juggling the usual day-to-day operations. However for small business owners, it is imperative that they take time-out to focus, reflect and plan for the next financial year.

There are three things that are important – Preparation; Getting organised and Schedule time to plan.

Preparation is both physical and mental. Organise your financial and administrative affairs for the 2018 financial year as quickly as possible. This will allow you to clear your head of the past financial year and focus on the new one! Clear the filing of the previous year.

What changes would you like to see in your business? What technology should you consider employing to free up your time? Should you be having a meeting with your business advisor earlier in the year to ensure your business is efficient as it can be; as profitable as it should be and with the best team it can attract? Too many business owners of small business only meet with their advisor once a year. A delay may mean a missed opportunity.

Schedule time in your diary for planning. You should allocate time to reflect at different stages throughout the year, to determine if you are on track to meet your objectives. Are you still enjoying business? If not, what is your strategy to get out? Having fun is important to enjoying what you do. Business owners especially need to ensure their work is rewarding.

Is your mission and vision still relevant? Take time to objectively review your competitive landscape. (For example, new competitors, changes in market pricing and economic changes that may impact your business).  Identify your strengths and weaknesses and make the most of your strengths and formulate a plan to deal with any business/service/product weakness.

And finally, take a short break to get yourself revved up and ready to go for a successful year. At Sothertons, we can assist you to undertake a strategy session to ensure you are “business ready” and in a position to make the most of 2018. Call us on 4972 1300 for more information.