So as the end of the financial year draws near. Here are five resolutions that should be at the top of your business to-do list come July 1…

I will…set goals

Goals are a major part of business, allowing you to envisage your future professionally and personally. The new financial year is the time to reflect on the achievements of the past 12 months and then shift the goal posts.

It happens by asking yourself, what worked, what didn’t and where you would like to be in 12 months’ time?

I will…revisit my business plan

Goals are great, but it’s how you apply and action them that equals achievement, and that comes down to reflecting them within the bible of business – The Business Plan.

If you don’t already have one, now is the time to create a comprehensive business plan. If you do, but it’s gathering dust on a shelf, now is the opportunity to update it for the year ahead.

A lot is likely to have changed over the past financial year, so be sure to update your current financial position and other details like key staff and their duties.

I will…quit being a jack of all trades

One of the biggest issues that constantly arises in small and even medium business is the proprietor who cannot loosen the reins.

The dawn of a new financial year is the time to consider if you could be doing things better, with more assistance or via delegation to enable you to work on, not always in, your business.

If you have staff, take a look at the key positions and any additional responsibilities they could shoulder. If you don’t, consider outsourcing certain tasks or bringing someone in.

Then look to the processes and procedures of your business that allow this transfer of tasks to occur.

I will…reward myself

Too often people enter business with big dreams of the freedom it will bring, but then fail to seize the lifestyle opportunity.

Part of your goals, and your business plan, should be enjoying the rewards of business. So if you’ve been considering a holiday but have been finding reasons to delay, put a plan in place now that enables you to have a break this coming financial year.

Similarly, if you’ve been a slave to your business and it’s affecting your lifestyle or family, instigate the processes and procedures that enable you to take a step back.

I will…safeguard my business

The new financial year is as good a time as any to re-evaluate risks to your business, and take actions to mitigate them. It’s time to revisit those strengths, opportunities, weaknesses and threats (SWOT), with an eye on what the next 12 months could bring.

This involves, but is not limited to:

• Checking insurance is up to date.
• Looking at your Workplace Health and Safety policies and any legislative amendments.
• Reviewing your staff agreements.
• Planning for natural or economic disaster.