New Tax Year In  Australia – 2017

What are your Financial New Year Resolutions?

 

 

1st July marks a new financial year for most businesses in Australia. This is a time to write down your own financial new year resolutions. This made me think of what I want to achieve in my own business in 2017/2018. It is not about the budget, advertising, operations etc but about the strategy, where I am going?

 

It is important for a small business owner to write down your business strategy on paper for the next 12 months. This assists you to be accountable and to stick to it. The starting point for your strategy needs to be “Why did I originally start my own business?”. When you answer this question, it focuses you on the WHY and not the HOW TO. On a day to day basis we are focused on “how to” run the business and the operational side of things that we seldom spend time to focus on the “why”.

 

I am working with a lot of business owners that when I ask this question it takes time to get to the right answer. Maybe it was to spend more time with family, don’t want to work for a boss again, go on exotic holidays etc. Then after 10 years in business they haven’t done any of those things. The clients are their new “boss”, they work ridiculous hours and don’t spend any time with family and on top of this they don’t have time even for a weekend break away never mind exotic holidays. Therefore, I decided to start my financial strategy for the year with “why did I start my own business”.

 

Another element that I have put into my financial new year resolution is to evaluate where my money goes to. When you first took out insurance policies you start to investigate for the right price and cover that you will get. You spend hours on research as you don’t want to be over charged. Then when you decide after all those hours you keep with that policy year after year. As it is a new year I would say that each business owner must make a list of providers and evaluate if they still get the best deal for the best price. The economy in WA slowed down and with it came cheaper services. Don’t pay 2014 prices where 2017 is less money for more value. Phone around and you will be surprised on how things changed in the last 5 years.

 

My financial new year resolution is written down and stuck on my white board. This gets me focused every day on WHY I am in business and where I am going. I am not a big writer (give me numbers not words) but when I started to ask myself the question it took me 10 minutes to write down my strategy and get myself focused. I booked my holidays, blocked out my dairy for family time and not let my business control me but I control it.

 

All the best for the new year and I hope all your dreams comes true.
Alida Prinsloo

 

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