Business tip: Reflect, Refocus, Revise and Relax

Use the break to reflect on where your business is going. Revisit your business plan. It’s a great time to review key strategic activities.

What a year! With so much that has happened around us both locally, nationally and internationally, as well as driving our businesses forward, no wonder we get to this time of year and relish in the opportunity to reflect, refocus, revise, relax and have a few moments to ourselves.

Reflect

Use the break to reflect on where your business is going. Revisit your business plan. It’s a great time to review key strategic activities including marketing, sales, systems and processes, people, and profit strategies. Reflect on what worked, what didn’t and why. What can you do differently next year to improve?

Here are other questions to ask yourself:

• What were your goals for this year?
• Did you achieve them?
• What were the gaps?
• What needs to be done in the next year to plug those gaps?
• What were the high points?
• What were the low points?
• What should be done to reduce the lows and maximise the highs?
• How was your work-life balance?

Revisit your business plan. It’s a great time to review key strategic activities.

While reflecting on your progress in the past year, it is sometimes easy to find flaws but each year in business creates a series of learning experiences that strengthen you in the process. At Modoras, we are 36 years young and still learning.

Refocus

Take a step back and review where your business is heading. If you need to refocus where you are heading, then do so. Did you come as far as you wanted to with your company or your business idea this year? Why or why not? What should you be doing proactively now to make the year ahead better? Here are some good questions to ask yourself:

• What are your long-term goals?
• What is the unique selling point of your business? Are you making the most of it?
• What are the goals that need to be achieved this year in order to progress towards your long-term vision?
• What are the goals for your personal life and do these fit with your business goals?

RELATED POST: Set some SMART financial goals for your business

Revise

Just as many of us make personal New Year’s resolutions, take advantage of your business downtime to revise and set goals for your business for the coming year.

In light of your reflections, do you need to amend your business plan? What actions can you take to build upon the successes of the past year?

Start with the end objective in mind. Long-term goals can be daunting, break them down into bite-size pieces – what will you achieve by the end of each quarter (90-day period)?

RELATED POST: How Cash Flow Forecasting improves business growth

Relax

Business never stops, if what you need most is to recharge your personal batteries, that’s the right thing to do. Cherish this period and use it wisely, or you’ll come back from the break – and back to the grind – with nothing changed and nothing gained.

I hope you all have a relaxing break and I look forward to welcoming you back to our blog in the next year!

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.