Five steps to a successful new financial year ‎(dynamicbusiness)

 Here’s how you can prepare for the coming financial year in five steps.

Financial year

So here are five easy steps to help unlock the potential of your business and get the new financial year off to a great start.

Step 1: Do the vision thing

The first step is to review your current plan, assuming you have one. Not only to check that you’ve achieved your goals, but to ensure that it captures your evolving vision for your business.

Budget Deficit

Step 2: Set goals

A plan isn’t a plan without some concrete goals. But make sure they’re specific, achievable and measurable, then assign clear responsibility to someone in your team for achieving each one. Create an action plan with milestones for each step, then regularly follow up to ensure you stay on track. Remember, what gets measured, gets managed, so have good tracking systems in place.

Step 3: Check your finances

Now you know your goals, you need to make sure you have resources in place to achieve them. And with the Australian economy still not firing on all cylinders, it also pays to have a cash reserve ready in case of emergencies. Start saving some of your excess cashflow, or talk to your bank about an overdraft or line of credit. Because the best time to talk to your bank is when your business is performing strongly, not when things are tight.

Step 4: Keep cash flowing

With average payment terms for Australian businesses remaining high (according to Dun & Bradstreet), your business may already be feeling cashflow pressure. And even if you’re not, it’s always a good idea to make sure that your cashflow systems are running at maximum efficiency.

Step 5: Put it into action

With your plan in place, you’re ready to act. But don’t keep it to yourself. Tell your vision and your goals to everyone who matters: your staff, your clients, your suppliers, your banker and your accountant.