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5 business goals for a happy new financial year

There’s nothing like a new beginning to get people motivated. If you’re someone who loves a fresh start, the new financial year is the perfect time to set business goals for the year ahead.

Of course the start of a new financial year isn’t the only time to set and begin working on goals; improving your business and thinking about what you want to achieve should be a topic you visit regularly. Here are five goals to consider for your business this year.

Goal #1: Get on top of your business financials

Reviewing your business financials (including your cash flow) will help you actively monitor the health of your business. If the numbers aren’t adding up, it could be time to talk to your accountant to discuss what financial strategies you can put in place to help turn things around.

If you’re thinking of growing your business (eg. by expanding your range of products and services or adding staff members to your team), having up-to-date financials can help you forecast what the financial impact of these decisions could be, and whether now is the right time for your business to expand.

Take the next step today

Use our financial management tools and templates to help you crunch the numbers on your business and, where you need advice, speak to your accountant. If you don’t have an accountant, read our choosing an accountant guide for tips on how to find a provider that best suits the needs of your business.

Goal #2: Review and update your marketing or business plan

If it’s been a while since you first created your business or marketing plans, this year could be the perfect time to review them.

Your business could be quite different to what you first imagined it might look like. By updating your plans, you can reflect on what you’ve experienced so far – and get specific about what you want to achieve.

Take the next step today

To make the most of this process, set an appointment with yourself in your calendar, then take yourself somewhere quiet (or a bustling café if that’s more inspiring for you). Explore our range of templates and tools to help you plan for success.

Goal #3: Meet your tax commitments on time

It’s easy to procrastinate at tax time. With weeks or perhaps months ahead to prepare your tax statements, you might feel there’s no need to take action on your taxes just yet.

On the flipside, if you set a goal to be more organised with your taxes, you’ll reap the rewards. You won’t feel the stress of impending deadlines, you’ll avoid any late-payment penalties and have more time later in the year to work on your business, instead of on your taxes.

Take the next step today

Take a look at our End of financial year checklist or visit the ATO website for tax deadlines and information.

Goal #4: Develop your business skills

Running a business takes a range of skills – and there’s no limit to what you can learn. You might decide that this year is the perfect time to:

  • Work towards a certain qualification or accreditation within your industry.
  • Attend a seminar or conference to keep up-to-date with your customer needs, suppliers and other industry information.
  • Learn new ways to market your business, such as using social media platforms you haven’t used before.
  • Learn more about the financial side of your business, including bookkeeping, tax regulations and insurance.

Think about which skills could take you further in your business.

Take the next step today

Explore our range of workshops for small business owners or find out more about our Business Local service for current and aspiring small business owners in regional WA.

Goal #5: Do that one thing you’ve been avoiding

When you’re working in your business, it can be hard to find time to work on your business. There’s usually at least one element of your business you’ve been wanting to change but haven’t found time for yet. You might have been meaning to upgrade your website, book repairs or equipment upgrades, reach out to clients you haven’t heard from for a while or look for a better deal for your business insurance or banking.

Take the next step today

Work out what you’ve been avoiding – then plan exactly how you can get that off your to-do list for the year. If you think you could benefit from professional expertise in that area, take a look at What advice is worth paying for in your business?

Photo credit: Tourism Western Australia

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