4 Ways to Prepare Your Business For The New Financial Year
Whoooohoooo so we're in the first week of the New Financial Year! Can you believe we're also halfway through the year now? As we all know, it's that time of the year again where we start a new financial year. So what are the ways we can prepare our business for the new financial year?
Here's 4 of the things I look into at the start of each Financial Year as I build and grow my Business Finance:
1) REFLECT & IMPROVE
Schedule some quiet time to reflect on the financial year that was. What strategies were you using in terms of growing your business finance? How were you managing your finance? What are the systems that you have in place in regards invoicing, payments, expenses, savings, payroll etc?
And then look at ways of how you can improve this in the new financial year. Are you happy with how everything is set up right now? or there are things you need to improve?
2) REDEFINE YOUR VISION
This is something I do every quarter for my business.
I even run Vision Casting Workshops every quarter for my community as this is something that I find so important not just in business but in our lives if we want to create the life that we love.
One of the lessons I teach in the workshops is that our Vision's change for each season in our life. Even though we have an ultimate life vision which is where we want to be at the very end of our lives, we also have our seasonal visions which change as we evolve and grow.
So for the start of the financial year, one thing I would highly recommend is to revisit your Vision. Have a look at where you're wanting to be at this point. Are you still aligned with that Vision you have set for your business 3 months ago? What needs changing?
Look at your financial forecast. Have a look at your goals and strategies, do you need to change these? Redefine your Vision and update it ready for the next 3 months.
3) MINIMISE YOUR EXPENSES
Review your expenses and the things that are coming out of your funds! How can you cut down on costs that are not really necessary in running your business? Perhaps it's a vanity purchase where it looks "good" but doesn't really add value to your business.
Yes we look at how we can make profit in our business and create strategies to increase sales, but looking at reducing our expenses is also another strategy that's really important in business growth.
Have a look at your bills, things that are costing you such as phone bills, internet, travel expenses, your suppliers... Review this and see where you can also reduce costs. Perhaps having to find another supplier or another provider that has a better deal.
4) UPDATE YOUR CASH FLOW STRATEGY
Have a look at your current cash flow strategy. What we want to see is consistency. We want to create a business that is consistent in cash flow and that's the main idea right? What are the ways you can improve in this area?
As our business grows, industries around us are also growing and change is inevitable. So have a look at the industry changes that might have been happening around you. does this effect you? do you need to up skill? do you need to innovate? Look at ways to improve your offerings in this new financial year keeping you relevant with the services and offers needed in your industry.
These are the 4 ways that we can be prepared for the new financial year! I love this time of the year in that i feel it's a new clean slate! Think of it as if you are about to create something spectacular on a new fresh canvas!
Enjoy and all the best in the new year!
Love, Fideliz x
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