So many people are talking about Year End at the moment, and it’s a pretty crucial part of most businesses. We’re being encouraged to top up ISAs and take advantage of offers before the new financial year starts.
This time of year, for me, is about a physical check of all my stockholding, and the opportunity to review the year’s sales and expenses. It’s a chance to step back from the business and look at the figures, as a check on the shape of the business. What’s doing well, what’s not so good. What areas need improving and developing.
I wrote 2 years ago about Taking Stock. I’d forgotten, but having just re-read it, I’m pretty happy with that assessment. I’ve been better at continually reviewing my business and my stock since then. Have you?
I’d also like to suggest that having a year end that is 3 months into the calendar year gives us a chance to properly review those goals we set ourselves at the start of the year. How do our figures match up against the expectations we set ourselves. What challenges have prevented us from achieving our goals, and what do we need to revise due to the new opportunities that have come our way since January?
A lot of us are having a break over the Easter holidays. I’m so looking forward to getting away from it all. Forgetting about the business, and personal stuff that’s happened that’s steered me a bit off course these last few months. I’m looking forward to spending time with my family, without my head in my laptop and phone for one whole week. That’s all! The world won’t end without my attention to it!
So, year end for me is about reflection, review and relaxation:
- Review: Goals, aspirations, action plans. Review last year’s figures against expectations. Revise your goals and action plans for the rest of the year accordingly & set out your revised financial and business goals for the business year ahead.
- Reflection: What’s gone well? What hurdles have you jumped, or fallen at? What have you enjoyed? What’s been tough? Being honest with ourselves isn’t easy, but it is important we do it. If we don’t add our reflections into our future goals we won’t achieve them.
- Relaxation: If you can’t take time out, you won’t achieve your goals! Your body and mind need to rest and recover so that you can come back to your life and business with renewed vigour. If relaxation isn’t a heading in your weekly schedule, add it now! You work, (whatever you do as a family member, stay at home Mum or Dad, salaried job, or own business) so that you can spend time with your friends and family. They won’t enjoy your company if you’re not relaxed will they?
I hope your stock counting goes as smoothly as mine did today, and your 3 R’s help you to work towards your personal and business/career goals.