Fast Lane: The new financial year is a time to refocus

The calendar gets ready to turn over to another new financial year tomorrow but July 1 shouldn’t just be a reminder to get your tax and legal affairs in order. 

A common complaint from entrepreneurs I speak to for SmartCompany is that it is difficult to find the time to work “on” your business rather than “in” it – caught up in the minutiae of day to day operations.

Times like the end of the year and the end of the financial year present a rare opportunity to take a quick breather and think about the strategic direction of your business. 

Of course strategy is something business owners should always be thinking about. But make this the time to really look at your plans for your business and connect them to your budget and targets.  

Are things going according to plan? Do you even have a plan?

Set concrete goals for the 2014-15 financial year. If one of your goals for your business in 2013 is to open a new store, set aside the time to explore what this really means. How many people do you need? How much money can you spend? Where should it be? Break each goal down into smaller steps for each month, and then break that into actions that must be done each week. 

You also need to work on your long-term strategy. Ask yourself whether you know where you want your business to be in five years and in ten years. Think about whether you want to sell your business, pass it on to your kids or could you even list it?

If you’ve written down your long-term goals before, this is the time to pull them out again and take stock.

The most successful entrepreneurs and leaders are those who don’t just coast along.  They are women and men of action. They use opportunities like the new financial year to come up with new strategies and ideas. What’s more, they implement those strategies and ideas.