By Colin Wilson
Director, Key Business Advisors
Like most companies, during this time of the year we review our finances and plan our budget for the new financial year, seeking our accountant’s approval. While it is important for businesses to look at their budget and business plans for the next financial year, we believe it is just as critical to review sales and staff performance over the past 12 months to be able to set goals for the following year and continue to grow sustainably.
Now is a great time for everyone – from business owners to managers and staff – to refocus on the business and recommit to making it grow further. Do you take time to review the previous financial year and plan on how to make your business more profitable in the next 12 months? Or do you just continue doing things the way you’ve been used to and hope for the best?
Advice: Commit to a “New Financial Year’s Goal” such as being a high-performing, more profitable business in 2013-2014 and beyond. Share with your staff your vision for the next 12 months and set standards that will challenge everyone in your business to achieve greater success. Review your sales targets as well as your business processes to ensure that they are aligned with your vision. Suggestion: you may want to usher in the new financial year with a company conference, breakfast session or an afternoon out with your team to increase motivation.
Set the new foundations, plan with your staff and take the time to sit down with them to conduct a performance review. At the very least, conduct a coaching session with your staff if you cannot schedule formal performance reviews in the last week of June or the first week of July. Discuss with your staff their goals, what has been working well for them, what they found challenging in the previous 12 months and what opportunities they believe they can capitalise on in the new financial year.
Make sure to praise the high achievers in your business and encourage those who may need to get above the line. More importantly, thank all your staff for their efforts and assure them of your commitment to continue to support both their career and personal goals. As a business owner, one of your goals must be to inspire your staff, help ensure that they are successful and give them all the resources and support they need to stay motivated and perform at their best. When everyone in your team is successful, then chances are your business is, too.