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3 New Financial Year Resolutions for your Business

3 New Financial Year Resolutions for your Business

Tue, 16th Jul 2019

As we enter the new financial year, it’s a great time to stop and take stock of some of the fundamentals of your business.

Here are three key New Financial Year resolutions to help keep your business on track and set yourself up for a smooth and successful end to the year, that you can raise a toast to!

 

1)   Ensure your employment agreements and policies are up-to-date

This is one area you don’t want to get caught out neglecting, as it really can sting you. It’s important that employment agreements contain key terms regarding pay, hours of work, leave & termination, and confidentiality. 

We suggest a mid-year review of these agreements to ensure they reflect the interests of your business and the employees that you recruit.

If you need any assistance in this area, we have expert technical knowledge on the ever-changing landscape of employment law and industry awards, so contact us to arrange a free 30 minute consultation to discuss your needs.

 

2)   Refresh your business plan

For many business owners, your business plan may have a) never been completed, b) was only executed in order to obtain funding, or c) was written so long ago it still refers to your fax machine! 

Ideally, your Business Plan should be a living, breathing document, with its review forming part of your regular routine. Your business or industry may have changed over time and by updating your Business Plan you can reflect on what you have achieved to date, and get really specific and measurable about what you would like to achieve going forward.

It’s a really healthy process for any business and this is a great time of the year to dust off the cobwebs and have a fresh look at where you’re headed.

 

3)   Give some thought to succession planning

Regardless of the stage you are at as a business owner right now, there will come a time for you to leave your business either through retirement, the sale of the business, or something else. 

We recommend having a long-term succession plan in place to assist in your smooth transition out of the business, whenever and however that may come to pass; and a new financial year is the perfect time to seek our specialist advice on this topic.

So for business owners, a little bit of planning, reviewing and refreshing in the New Financial Year can go a long way towards setting you up for a great end of year come the real New Year.

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