Five steps to a successful new financial year (dynamicbusiness)
Itís just six weeks to June 30, meaning itís time to make sure youíve dusted off your business plan and are thinking about how you can shine in FY2013.
†Hereís how you can prepare for the coming financial year in five steps.
So here are five easy steps to help unlock the potential of your business and get the new financial year off to a great start.
Step 1: Do the vision thing
The first step is to review your current plan, assuming you have one. Not only to check that youíve achieved your goals, but to ensure that it captures your evolving vision for your business.
Step 2: Set goals
A plan isnít a plan without some concrete goals. But make sure theyíre specific, achievable and measurable, then assign clear responsibility to someone in your team for achieving each one. Create an action plan with milestones for each step, then regularly follow up to ensure you stay on track. Remember, what gets measured, gets managed, so have good tracking systems in place.
Step 3: Check your finances
Now you know your goals, you need to make sure you have resources in place to achieve them. And with the Australian economy still not firing on all cylinders, it also pays to have a cash reserve ready in case of emergencies. Start saving some of your excess cashflow, or talk to your bank about an overdraft or line of credit. Because the best time to talk to your bank is when your business is performing strongly, not when things are tight.
Step 4: Keep cash flowing
With average payment terms for Australian businesses remaining high (according to Dun & Bradstreet), your business may already be feeling cashflow pressure. And even if youíre not, itís always a good idea to make sure that your cashflow systems are running at maximum efficiency.
Step 5: Put it into action
With your plan in place, youíre ready to act. But donít keep it to yourself. Tell your vision and your goals to everyone who matters: your staff, your clients, your suppliers, your banker and your accountant.†
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