New Financial Year

As with personal new year resolutions at the beginning of the calendar year, the best EOFY resolutions are those that are achievable and actionable. July is the optimal time to assess your business foundation in regard to financials, resources and assets, then using the renewed understanding to create goals, or rather resolutions for the coming 12 months that push your business to where it needs to be.

1. Review Your Current Situation

The official numbers for the 19/20 financial year are in – now is the time to evaluate your finances with new clarity. Review your budget for the 19/20 financial year by comparing planned spending and income with actual figures. When doing this, take note of the areas where allocated funds were relatively balanced, areas where funds were heavily overspent, and the areas that became financially neglected.

2. Review Planning Documents

Planning documents forge the path to business growth and optimisation, however, plans often change due to new information and unforeseen circumstances. If 2020 has taught us anything it’s that plans need to be malleable for them to work and your current strategic documents may not be up to scratch or you may have thrown them out the window completely.

Take time in July to evaluate whether your strategic documents are still relevant, whether the strategy can be malleable to new circumstances and ensure it includes a marketing plan. Your business can make all the changes in the world, but you’ll need a marketing plan to ensure the world knows what you know.

For further reading on flexible planning, look to Steve Osborn’s latest opinion piece for a blunt and accurate read.

READ STEVE’S OPINION PIECE

3. Choose Your Resolution/s

Once you’ve established your true financial position and reviewed your strategic plans its time to set your resolution goals. To do this, we recommend beginning by asking the following questions:

  • Does this goal align with my strategic business and marketing plan?
  • How will this goal be achieved?
  • What is needed to achieve this goal?

In summary, this July it’s time to review your current situation, assess your longterm strategic vision, set goals, and make them happen.

Great strategic plans tackle the near future with actionable goals while also tackling the long term through a vision that can be shared by everyone. Talk to Identity Marketing about your business and marketing strategies for an experienced and objective perspective to your strategic direction.

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