Start the financial year off on the right foot!
2020 has hit hard! You may feel like you've lost control of many aspects of your life- and maybe you have. But it's the new financial year and it's time for us to take control and jump back into the driver's seat. Even though the effects of COVID are still prevalent, now is the perfect time to take a deep breath, realign and create new goals that can set you and your business up for a prosperous new financial year, even in the current landscape!
Set SMART goals
SMART goals are Specific, Measurable, Attainable, Relevant and Time-based.
Setting up goals with the above attributes, whether personal or business-related, are more likely to be achieved as they are realistic and tailored to your situation. When creating these goals, ask yourself: "What are you actually trying to achieve with your finances this year?". Then work backwards from here, outlining step by step what you'll need to achieve to meet this goal by the end of June next year. We've created a downloadable template for you to utilise here.
Get organised for 2021
Do your future self a favour and make this the year you develop a system for your taxes! Putting a structure in place for keeping your receipts, expenses and relevant tax records now will make next June a whole lot less stressful for you. This organisation may even lead to a bigger tax return!
Start by figuring out what kinds of receipts or records you need to keep and file them somewhere that is easy to find and not a big pile in your "miscellaneous" desk drawer. Or if your relevant paperwork is digital, set up a secure folder that is frequently updated and ready for your next tax return.
Establish a plan
Don't go into the 20/21 financial year blind. Make an appointment with an adviser to set a budget and redefine how your financial situation affects your goals. Having a plan on paper that highlights how you can reach those SMART goals you've set can help to keep you accountable. When something doesn't quite go as it should have, revisit the plan and pivot where needed to get back on track
If you need assistance setting up the foundations for a productive year, we can guarantee you're not the only one! Helix Planning can offer you personalised business coaching, business advisory or both, depending on your situation and needs. Our services are built with a strong focus on financial education and understanding that leaves you feeling empowered and ready to take that next step in your business journey.
Contact us today to streamline your processes and show 2020 what you're made of!