How to review your financial year – the benefits of remembering and reflection
Author: Russell SmithMarch 30, 2012
The most popular company year-end is 31 March – FACT!
The reason being because it ties up with the tax year (I had once promised to tell readers of my blog the story of why the 5 April is the tax year, I haven’t done this as yet which I can only apologise for but believe me, it isn’t worth waiting for).
My own year-end is 31 March and I am actually going on holiday next week (don’t worry, if indeed you were, I will still be blogging) so it is a fantastic time to take stock of this year and look forward to the next one.
If your own year-end is 31 March, here are some tips on how to remember and reflect:
1. Start with the good stuff, list out 5 achievements in your business that you are most proud of
2. Remember 3 really big problems that you had in the year and how you solved them (if you solved them)
3. List out 3 things that you really wanted to accomplish this year but didn’t
4. Looking forward to next year, what is the no. 1 goal in your business
5. What do you want your profit to be in the year ended 31 March 2013*
6. What are the 3 distractions in your life that could prevent you from hitting your goal
7. If you have yet to do your budget for next year (see me after class if you haven’t!), write your budget one piece of paper – get a feel for how realistic your profit target is
Always celebrate your achievements and bounce back from your failures, I know this is easier said than done but just a little bit of reflection and remembering can do wonders for your focus next year and increase your chances of achieving your goals.
*Some like to use cash in the bank as a target which can be more helpful