The 31 March brings with it the end of the financial year for many. The past 12 months may be ones to forget but lets put that behind us and look forward to the future. Here are my 10 tips for kicking off the next financial year.
1. Business Plan. Create one, update the old one. Set goals and objectives. Plan to suceed, plan to change, involve your staff.
2. Budget. Create a financial budget so that the effort you are putting in is well rewarded. Dont be happy with whats left over. With creating a budget comes the responsibility of reviewing it at least monthly and measuring and managing. Share it with your banker even if you dant want/need anything from them.
3. Knowledge. Do at least one thing a month that improves you. Buy a book, attend a course. Do something with it!
4. Financial Accounts. Get your stock tke done pronto and get your financial records completed and to your accountant so that you get information back sooner rather than later.
5. Staff. Invest in your staff so you get better performance out of them.
6. Change. Doing the same thing all the time will generaally give you the same outcomes. Be open to change, also makes things happen.
7. Social media. Love it or hate it, it wont go away. Can you use this or other technology to help you.
8. Customers. Do some reasearch on them as to why they do business with you, what they like and dont like. Get mystery shopped and be brave enough to value the feedback you get. Promote the benefits you offer not the features. Find your top 20% and love them to bits.
9. Celebrate S. The S can be for Success or Survival. Your choise. But find ways to be positive.
10. Have Fun. Enjoy what you do and amke it the same for those around you. Make coming to work every day something to look forward to. Enjoy the challange
Good luck for 2011
#1 by Glen at April 1st, 2010
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Hi Stephen,
After attending your “Creating a business plan” seminar here in Dunedin earlier in March I have started to actually plan things.
Seems like a simple thing to do, but not many of us have been putting it into practice, missing out on what benefits it can bring.
Your point above regarding Knowledge is important. Since I’m starting a new venture, I’ve had to immerse myself knee deep in books and learn new ideas and technologies rather quickly.
Just wanted to say thanks for a great seminar last month, and I’ll be seeing you at “Closing the sale” in a few weeks.
Regards, Glen
#2 by Kevin at September 1st, 2010
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Hi Stephen, I attended your managing cashflow seminar today (1st Sept) and thoroughly enjoyed it, how many times do people say to you “I know all this already!” well unfortunately I am going to say the same! So why did I enjoy your seminar so much? I think it was due to the fact that you focused more on the ‘inclusion’ of the the strategy into our business now, and your method of delivery was excellent. I have gone away wanting to make time in my routine to manage my cashflow better. Thank you.