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Darryn Le Grange tells us how to finish the financial year strong.
With only a month to go until the end of the year, there is no doubt that the temptation to “give up” on this year and get into festive mode is there. Whilst this seems like an appealing option, considering the tough 2021 that South Africans – especially KZN residents – have had to endure, this would be a major missed opportunity. As entrepreneurs we must use this last stretch of the year to finish strong. We must also remember that for most businesses the financial year ends at the end of February, so still a whole quarter to go.
Here are our top tips on how to use the next three months to finish the financial year strong:
Clear Goals
Ensure that you have clear goals for the last quarter of the year so that you can finish the financial year on a good note. Not only do you need to be clear on the goals you are chasing, but you need to be clear on the actions that need to be taken to achieve these goals. As they say, a goal without a plan is just a dream.
Review The Year
Taking stock of the year that has been is such a valuable exercise. What worked for you this year, and what didn’t? What were the biggest lessons? Which of your team members performed well, who didn’t? What do you need to do differently next year? Don’t do this exercise on your own – get your team involved. You will be pleasantly surprised by the combined contribution and ideas.
Next Year’s Budget
The last quarter of the year is a great opportunity to start working on next year’s budget. Ask your team members for their wish lists, get clear on the underlying growth assumptions and define the target profit. You then put the budget together line by line until it reflects the target profit on the bottom line.
Marketing Plan
Marketing is the key to business success, so start drafting your marketing plan now. The key decisions to make are:
- Which marketing strategies will you be using.
- What marketing budget you have available.
- Plan the timing of each strategy, so that all that’s left to do is execution.
So many of our clients have had record months this year. Why? Because they did all of the above and more. Success is about following a proven recipe for your business – so find your recipe, follow it, and most importantly; have fun along the way.
Need some guidance?
Take us up on our offer of a complimentary consultation where we will explore how you could take your business up a notch or two in 2022. Email darrynlegrange@actioncoach.com to request your session.
