The beginning of a new financial year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement.
With a new financial year beginning on the 1st April for most NZ based businesses, this is a great time to put those plans into place.
Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the next business year. Planning and goal setting will help provide a focus for your business efforts.
Your Yearly Business Review
- What were the most significant impacts on your business in the last 12 months? How well did you meet the challenges?
- What worked well last year? What systems, technology, products or services were successful?
- What accomplishments can you celebrate?
- What situation, event or experience provided the biggest learning opportunity?
- What is the biggest challenge or frustration you face as you prepare for the year ahead?
- What did you most enjoy during the year? Do more of it. What did you least enjoy? Do less of it!
- Analyse your financial reports. Are you earning what you’d like to? Is the business sustainably profitable?
Get Ready for a Great Year
While there are many metrics you could evaluate to track business performance, we’ve given you just a few ideas to inspire your business planning for a positive start to the year.
Your accountant is the best person to talk to you and can provide an objective perspective. If you’d like to chat about what you can do differently this year to enable your business to thrive, book a time with us today.
