Kickstart Your Financial Year: Top 3 Tips for Success
As we embark on a new financial year, it’s the perfect time to reassess and plan for the year ahead.
Whether you’re an individual looking to optimise your finances or a business owner aiming to drive growth, these three key areas deserve your attention.
1. Set Clear Financial Goals
- For Individuals: Define what you want to achieve financially this year. Whether it’s saving for a major purchase, paying off debt, or building an emergency fund, having clear, measurable goals will keep you motivated and on track.
- For Business Owners: Establish specific revenue and profit targets for your business. Break these down into quarterly and monthly goals to make them more manageable. This clarity will help you align your efforts and resources towards achieving these objectives.
2. Review and Optimise Your Budget
- For Individuals: Take a close look at your spending habits from the past year. Identify areas where you can cut back and reallocate those funds to savings or investments. Tools like budgeting apps can be incredibly helpful in tracking your expenses and staying disciplined.
- For Business Owners: Conduct a thorough review of your business expenses. Look for opportunities to reduce costs without compromising quality. This could involve renegotiating contracts with suppliers, automating certain processes, or finding more cost-effective marketing strategies.
3. Plan for the Future
- For Individuals: Consider your long-term financial health. Are you saving enough for retirement? Do you have a diversified investment portfolio? Planning for the future ensures that you are prepared for unexpected expenses and can achieve your financial goals.
- For Business Owners: Strategise for growth and expansion. Explore new markets, invest in technology, or develop new products and services. Having a forward-thinking approach will position your business for sustained success.
Michael Denehey, Business Coach
Freedom = Giving Gold
Michael loves the company of family, friends, work mates and clients. Weekends are spent with family — watching his boys play sport and enjoying life. He’s played table tennis and cricket at the top level locally, and these days spends plenty of time on a bike and at the gym.
Michael works as a business coach for our clients, as well as growing our business in the SME advisor sector.
Bachelor of Commerce, CA, LinkedIn
