Institute of Certified NZ Bookkeepers

Make The Most Out of the Next Financial Year

With the end of year rushing towards us, it is so easy to get caught up working for your clients and their businesses, that you cannot find enough time to focus on your own. It can be really tricky to switch from being the worker doing the work, to wearing the business owner hat, needing to make internal decisions, goals and directions for the business, and quite truthfully, the business owner needs to have the right work / life balance.

When you finally get some down time, I want you to take a moment and ask yourself these two questions.

1) What is your WHY and is it still relevant?

2) What could you do differently next year to achieve the desired / ideal / required results?

Let us start with point #1.

What is your WHY? Are you clear on what your WHY is? Why are you doing what you are doing? Do you live and breathe it or is it often forgotten?

When was the last time you spent time on the “why” of your business? Why do you do what you do? How do you define success? And what would your business look like in a perfect world? These are just some of the questions you need to ask yourself when you have the chance to stop and take time to look at your business.
Often, we are so focused on fixing problems, chasing opportunities and keeping up with industry shifts, causing us to overlook the foundation on which we built our business, our WHY. When we lose sight or forget our WHY, we are more likely to lose our way.

Tip:Take the time to list down your reasons why. Make a visual board, write post it notes, whatever gets your attention and helps it stay front of mind.

Now let us go onto #2.

It is a long fast tradition to make a resolution going into the New Year. The classic resolutions revolve around our health, our relationships and our finances but what about our businesses? Every business has ups and downs. It is part of being in business. However, there are moments that define us and that give us guidance, learning and ways to grow and develop from the experience.

Take some time in the holidays to make your business even better than the year that has been. Here are a couple of ideas to get you going.

1) Look for something to improve, and then look for something else. Remove one barrier to excellence in the next thirty days. Follow that up with removing a barrier every thirty days for the next three months. Make the results visible to everyone. You may need to start a longer-term improvement during this period, but your goal should be demonstrating urgency for continual improvement and change.

2) Rediscover and nurture the joy of great work. There are people energised by the opportunity to do great work, and there are those who have jobs. The ones that love producing great work add energy to everything they touch.

3) Become clearer on the value you provide. Abraham Lincoln’s quote about preparation applies in this situation as well: “Give me six hours to chop down a tree, and I will spend the first four sharpening the axe.” Every hour spent increasing the clarity on the value you provide pays in your strategy, sales, execution and cash.

I found this great website that offers tips on how to improve your business. You can check it out here.

Roger von Oech wrote, “Truth is all around us. What matters is where we put our focus.” Now is the time to identify and tackle the challenges and opportunities to make your business better in the New Year.

And with that, I wish you and your loved ones a Merry Christmas and a wonderful holiday break.

I look forward to connecting with you all in 2019.

Lisa Martin
Vice President

 

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