When 1 July ticks over, opportunity has already been knocking. And it has been knocking for quite a while. Whether it’s ‘tax time’, end-of-year or simply end-of-month, waiting for the calendar to spur you into action and ‘break through the wall’ is leaving things too late. Truth be told, opportunity knocks everyday. The question is, will you be answering?
When 1 July rolls-around, a new tax year kicks in and with it comes the typical bag brimming with business opportunities. Aside from payroll starting again, budgets resetting and files, downloads and reports starting afresh – 1 July brings with it a very real, cost effective opportunity to challenge what’s been done in the past and make a change for the better. Like a gym membership that has appeal up until about Easter, ‘well-meaning’ EOFY goals often loose traction and gather moss. In 2020, set yourself a goal – make your business the best it can be everyday, not just as a well-meaning calendar initiative. Here’s how.
Often, outdated and archaic processes, systems and methodologies are held onto by businesses because “that’s the way we’ve always done it.” Failing to make good business sense, these processes, systems and methodologies disguise themselves as ‘old friends,’ but in truth do your business no favours. Sorting the wheat from the chaff however can be challenging, particularly if you’ve been in the business a long time (or set up the processes yourself). What’s often required is a fresh set of eyes and new perspective, and the best time to start is today. Not in a few weeks or in new financial year. Today.
Think about your business strategy, your organisational roadmap – your personal goals. Distinguish tactics and create a bullet-proof design that will improve competitiveness and differentiation. Engage with employees, stakeholders and clients – do you know why they value your business? What sets you apart from the rest? Engage in market research and ‘get under the hood’ of what makes your business tick.
All being said, if you still want to focus on preparing for 1 July, consider implementing a customised cloud based accounting or operating system, streamlining your invoicing and bookkeeping or improving clarity and insight via forecasting and professional business reporting. In short, when it comes to a new financial year, the world is your oyster and for small business, this is big news. Either way – just don’t wait until it’s too late.
