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Happy New Year

We wish you a Happy New Year – we are expecting many changes this year, in the economy, in government, we are again expecting new tax laws and new government compliance regulations.   We are here to help bring you more cashflow freedom, time freedom or mind freedom – and  hopefully all three by the year’s end.

We along with many smart business owners are using this time of year (where our minds are are hopefully feeling refreshed from a break) to reflect on where we are at with our business and to plan our business goals for the new year.

We have included tips on goal setting below.   However, the most important of this is to take the time to write them down and share them with someone to keep you accountable.   As your accountants this is an exercise that we love to do – either to help you set SMART goals realising where you are now and where you want to be and what steps are required to get from one place to the other.  Or to keep you accountable by quarterly updates with our accounting team.

These could be lofty goals, or even setting out a plan to achieve some more mundane (but equally important) projects. Whether that is getting paid faster, reassessing expenses, or bigger things like automation of processes and finding new markets.

We are here to help you achieve your goals for your business and we look forward to working with you in 2023.

From the team at Tax and Trust.

Reviewing the year that’s been

What are your business goals for the year ahead?

The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement.

Last year, there were inescapable impacts on businesses, with some thriving, others failing, and others just getting by. So what kind of year was 2022 for your business?

Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the next business year. Planning and goal setting will help provide a focus for your business efforts.

Your Yearly Business Review

• What were the most significant impacts on your business in 2022? How well did you meet the challenges?
• What worked well last year? What systems, technology, products or services were successful?
• What accomplishments can you celebrate?
• What situation, event or experience provided the biggest learning opportunity?
• What is the biggest challenge or frustration you face as you prepare for 2023?
• What did you most enjoy during the year? Do more of it. What did you least enjoy? Do less of it!
• Analyse your financial reports. Are you earning what you’d like to? Is the business sustainably profitable?

Get Ready for a Great Year with some goal setting next.

5 tips goal-setting tips for 2023

Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans.

1. Think big! – What do you want from your life – and how can your business help you achieve that? Think about next year and beyond; what does your business look like in five or 10 years? When you know what end point you’re aiming for, it’s easier to set goals that move you in the right direction.
2. Pick something you can measure – Vague goals aren’t as helpful as those you can measure and monitor. Think about what you already measure in your business and how you’d like to see those metrics change. For example:
   • A 3% increase in net profit year-on-year
   • A 2% reduction in expenses
   • 1 new customer per month
   • Reduce average payment time to under 50 days
   • 4 weeks of holiday during which you don’t go into the office at all
3. Make a plan to achieve each goal – Once you’ve picked a few goals, come up with ways to achieve them. It could just be back-of-the-envelope thinking, or have a brainstorming session with your team or your advisers (give us a call!). When you have a plan in place, do your best to follow through and make it happen.
4. Keep monitoring your progress – Check in each month to see how you’re tracking with your goals. Set yourself reminders on your calendar or make it part of your invoicing cycle. If you’re not quite on track, you can make tweaks or come up with some fresh ideas to help you reach your targets.
5. Plan a celebration! – Give yourself a good reason to keep striving for your goals. It might be a long lunch, a trip to the movies, a manicure, or a beer advent calendar next December. Something you’ll enjoy that’s not going to blow the budget.

We can help

Not sure what your goals should be or how to monitor them? We can show you where to find the information you need, how to check on it, or keep an eye on it for you.

Our team also has some fantastic ideas for how to reach your goals and build your business – get in touch!