Don’t Let Opportunities Slip this New Financial Year

With the new financial year kicking into action, it’s game on all over again for 2018/19. Many of us will reflect on our performance last financial year in terms of what worked well, and what was needed for improvement or change. I have no doubt you have set a new budget for this coming year; however, the trick is to make the changes now, in order to move forward. 

With the end of the calendar year fast approaching, you must ensure you DO NOT let those opportunities slip. You need to tick all the boxes to make sure that you have everything in place for an even bigger year!

Set yourself a goal to build yourself a Strategic Plan for 2018/19. Share this plan with your management team and staff and put some ink to paper. Before you commence with this new Strategic Plan, you must start with the company’s Mission, Purpose, Vision and Values and link these to the strategy for the whole company to embrace this coming year. The next step is to determine how this will be communicated and followed within your company to deliver on the core principles that will ensure you create a high performing business. Once this is agreed upon, the key areas of focus for this Strategic Plan should be built around the following:

People: So that the company can perform at its best, do you have the right staff in place with all the necessary skill sets and capability required to do the job?

Product: Does your company have the right line-up of products and services for your consumers? Is there a strong need, or demand for what your company offers in today’s marketplace? Does your company have good insight and foresight for the future needs and demands of the market to stay ahead of its competitors?
Marketing: How strong is your brand presence? Are you leaders in your industry? How do you demonstrate this – through digital marketing and social media? If not, why not?

Process: Does your company have the right processes in place to make it easier for staff to serve customers by delivering on company promises? Do you have the right systems in place such as Cloud Technology, to allow for all data and information to be sourced easily thus delivering on client satisfaction?

Clients: How does your company measure client satisfaction? How do you ensure that all staff members are up to date with the company’s products and systems, so they have the knowledge to deliver on your customer’s needs? How does your company keep and grow its existing clientele, whilst also introducing new business?

Finance: Is your company sustainable with all its financial requirements and obligations? Is the company producing good profits, so it can grow or expand in the future? Is your company measuring success with budgets, targets and goals achieved? How is this measured?

Risk: How does your company measure or prevent risk in the business? Every business must meet their obligations of Government Tax, Fair Work and Work Health and Safety (WHS)? Do you have licensee, supplier or contractor agreements in place? If so, this can influence your company’s performance. How does your company mitigate its risk, should things go wrong and be costly?

The aim of strategic planning is to build agreement among the top people in your organisation, concerning the company’s destiny. Such consensus can also enhance morale and stimulate motivation within your management team. This plan is an agreement, understanding, and alignment within your business which enables consistent measurements and achievements of continued improved performance. In order to ensure the company’s goals are achieved, you must make it clear to everyone in the business that all employees are to be held accountable.

As part of the development of this Strategic Plan, it is important to build trust amongst your leadership team. Do not let another year slip if change is needed for your company to stay competitive in the market. The goal is to become more efficient for increased profitability. You need to drive your leadership team to take your company to the next level. Your leadership team then needs to drive their own teams/ departments to help you grow. Margins are getting tighter in every business, so we all need better efficiencies and outputs to make our businesses more profitable and sustainable.

If you need help in building a Strategic Plan for your business, then contact us at Key Business Advisors on 1300 4 ADVICE