5 Ways to Start the Financial Year Off Right

The start of the new financial year is here. This is when I like to reevaluate my current business practices and figure out what types of financial strategies will set me and my team members up for success in the long run. With the right changes and regained focus, you can turn everything you learned at the End of Financial Year (EOFY) into sustainable goals to transform your business and stay afloat as we continue to watch the pandemic unfold.

Here are five ways you can start the new financial year off on the right foot:

1. Reconsider your options for resourcing

Think about the way your current team is structured. Do you have the right people taking on the right responsibilities, or is it time to reshuffle? If you’re currently continuing usual business practices in an effort to stick to the status quo in hopes of pleasing clients, you may find that your approach becomes sub-optimal. If there’s room for improvement, now’s a great time to reevaluate the skills of your current employees and place them in the correct positions based on the needs of your business. If you think there’s an opportunity to find new talent to fill positions in need, consider recruiting.

2. Review your current marketing plan

Updating your marketing plan is another quick tip to consider. If your business structure has changed, so will your goals and priorities. This is especially important if your team members are still working from home or navigating a more flexible schedule: Adapting to a changed environment can help you restructure how you market your services.

3. Focus on teamwork

The wellbeing of your employees and how they function as a team can have a major impact on their productivity. Are your current efforts as a manager to ensure your team works well together? Does it seem like your employees are simply working for themselves and not the greater good of the organisation? Putting more focus on teamwork can bring your team members’ perspective of getting their jobs done back to the right head space. This is especially important when team members are still working remotely.

4. Examine the efficiency of your leadership skills and efforts

Take a moment to think about your position as a leader. Are you doing everything you can to properly lead your employees to success? Can you put forth additional effort to help your team members work to their full potential? This is an opportune time to work on yourself as a manager in an effort to better teach, oversee and maintain your team.

5. Prioritise continued education

Continual learning, for both yourself and your team members, is a critical part of growing as a company. Understanding the best skills to gain that will follow current trends and take your business to the next level will help you feel confident and prepared for the new financial year.

At ICML, we offer a wide range of resources that can be highly beneficial for business owners and managers alike to share with staff members. Our Team Building workshops, for example, offer a fun and engaging opportunity to build a highly effective team. By the end of the session, you and your team will feel more prepared to improve collaborative efforts, foster better communication, stay motivated, boost team morale and maintain productivity levels.

Our Finance and Budgets for Managers training is perfect for the business owners, project managers and other administrative staff who deal with the financial operations of the company. This course will provide you with the education needed to better interpret financial reports, track expenses, manage budgets and more.

For more information about ICML’s opportunities for continual learning, reach out to us directly today.