Business reset – let’s tick some boxes
Business Growth

Business reset – let’s tick some boxes

Article by MB+M’s Adrienne Gledhill:  It’s time to reset your Business – let’s tick some boxes

The new financial year has well and truly come and gone. It’s now September and the end of financial year tidy up is complete. Now is the perfect time to reflect and reset your business for the rest of the financial year. If you haven’t already, grab a pen and paper, sit down with a cuppa and ask yourself:

  • What worked last year?
  • What didn’t work as well as it could of?

For each of your lists, ask yourself why did it work well or not work well? Make sure you write it down too. Armed with this information you can now look for solutions.

Next up: it’s time to reset

  • What do you want to achieve for the next 3, 6 and 12 months?
  • Where do you want your business to get to?
  • Ask yourself what you want for the business in 5 years
  • And what steps need to be taken in the next 12 months to set you up to achieve your 5 year goal. It may be a business expansion, profit target or cost reduction goal.

Of course you’ve heard the term budget and perhaps you’ve even sat down and prepared a budget for your business. Maybe you even prepare a budget each year. But if you aren’t tracking your actual figures against your budgeted figures on a regular basis then your budget isn’t as valuable a tool as it could be.

Many online accounting programs these days give you the ability to enter your budget so you can track your actual results against it. Including a budget vs actuals report is a great way to help keep you regularly reviewing and reflecting to ensure you’re on the right path to achieving your goals.

Covid-19 has been a tough time for so many in business and it may feel difficult to plan with the uncertainty that surrounds us at the moment. I’d also suggest putting pen to paper to plan what you can do in future lockdowns to pivot your business during any future lockdowns so achieving your goals doesn’t have to be paused.

As American Author, Hellen Keller said, “A bend in the road is not the end of the road … unless you fail to make the turn.”

The next step

MB+M have a lot of experience helping businesses go through all of the above and come out with clear solutions and pathways to achieve their goals. With MB+M’s Shepparton and Numurkah offices now operating, it’s even easier to access a helping hand to improve and grow your business. Give MB+M a call on 5821 9177 to make a free, obligation-free appointment. Explore the possibilities!

Adrienne Gledhill CPA – Director MB+M

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