The start of a new financial year is the perfect opportunity to set resolutions for your business. Take advantage of the clean slate and renewed energy that comes with the beginning of a new year to get organised and invigorate your plans for the year ahead.
Industry and competitors
What does your industry market currently look like? Is it a good time to take risks and maximise opportunities or perhaps wise to play things safe for now? Have a look at what your competitors are doing. Are you out in front or lagging behind? What can you learn from what they are doing?
Weaknesses holding you back
Identifying and addressing weaknesses in your business can be just as beneficial as chasing opportunities. It’s not always the easiest thing to do, but acknowledging when something isn’t working and getting rid of it, or at least moving it to the backbench for another day, is an important task.
What does your marketing strategy look like for the coming year? What worked well last year? What didn’t? Are you reviewing and updating marketing strategies to keep up with new technology?
This is just a snippet of things to consider when deciding on your business resolutions for the new financial year. But it is definitely a good place to start.
Once you have decided what business resolutions you are going to make, be sure to give each goal or milestone a name, assign dates, budgets and break down the steps to give you the best chance of staying accountable and achieving them.
Happy New Financial Year!