It’s time for new financial goals as you celebrate the old year and plan the new year.
Congratulations, you’ve survived another financial year and today is the first day of a new one. Is this year going to be different from last year, or will it be the same again… It’s time to review the past and reset your financial goals for the new year.
A new year is a great time for a reset of your business. However, I recommend a reset at least every quarter with a major reset at the beginning of a new year.
For me, it encompasses a few parts. Firstly, it’s time to reflect on what I’ve achieved. I review the last month, quarter, year and usually take a few minutes to go back a few years to consider just how far I’ve come. I take a look at what I’ve achieved, what I haven’t achieved, what I’ve done differently, and what new skills I’ve learned. Then I also take a look at what is still on my...
In the next couple of weeks, let’s make sure you end the financial year strong.
Another financial year is almost over, where did it go? How was the year for you, good, bad or downright ugly? With just two weeks to the end of the year, it may be too late to have a chat with your accountant to do some tax planning unless you already have, but there’s still time to take action on a few things.
First of all, you need to know whether you’ve made a profit for the year or not, and how much that profit is. It’s worth having a good look at each line in the profit and loss, making sure it makes sense, and nothing looks out of place.
One way to do this is to compare this years’ figures against last years and look for the anomalies.
Unfortunately, though, the profit showing in your profit and loss statement may not be the figure that you will pay tax...