Set Up Your Business for a Great FY 2014-2015
June 26, 2014
By Colin Wilson
Director, Key Business Advisors
It’s that time again when I advocate that business owners and managers look back on the previous 12 months and determine how to make the coming financial year a success.
Following are seven tips to make sure everyone in your team is fully committed to maintaining a high-performing, profitable business in 2014-2015:
- Aside from looking at your budget and business plans, review how your sales and staff performed in the previous financial year to be able to set SMART goals for the next 12 months.
- Check whether your sales targets and your business processes are aligned with your vision. This is the perfect time of the year to conduct employer and staff satisfaction surveys to ensure everyone shares the same business goals.
- Share with your staff your vision for the new financial year, and set standards that will challenge everyone in your business to achieve their targets.
- Conduct performance reviews, or at the very least, 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.
- Welcome the new financial year as a team by setting aside some time for a company conference, breakfast session or an afternoon out with your team to increase motivation.
- Thank all your staff for their efforts and assure them of your commitment to continue to support both their career and personal goals.
- Be an inspiration to your staff and give them all the support they need to stay motivated and perform at their best. When all of your staff are successful, then so is your business.
If you would like more information or a quote on conducting an employer and staff satisfaction survey in your company, contact Key Business Advisors on 1300 4 ADVICE or email info@keyba.com.au.
