By Jane Tweedy
Wow, how quickly has the financial year end come around again?
It’s a great time to review your financials, and your wider business. Did you set goals (financial, strategy and operational)? Did your business reach its goals? If not, why not? Goals are essential to allow us to measure our success (which can have many facets) and give us something to move towards. Set goals and targets around the actions required to get to the result.
As part of your review, update your SWOT analysis – Strengths, Weaknesses, Opportunities and Threats.
• Strengths – what are you amazing at, what things have you learned over the past year?
• Weaknesses – what can you learn from, what can you outsource?
• Opportunities – a combination of external factors and deriving from your strengths (capitalise on them), or address weaknesses
• Threats – what risks is your business exposed to? Often external but, also not addressing your weakness.
For best effect overlay your SWOT with your likes and dislikes. An opportunity can be to increase your marketing of a strength you like.
What else did you achieve? Any common feedback received? This can help boost your confidence. What went wrong? What can you learn from? What changes can you make? Finally, who has helped you in the past year. Show gratitude to these people. If you need help to review your business and set goals for the new financial year, please book a meeting funded by the NSW Government Business Connect program. The first four hours are no cost.
Jane Tweedy is a Business Advisor at Western Sydney Business Centre – 02 4721 5011 [email protected]