In the Southern Hemisphere it is already the end of the financial year. That means we are also halfway through 2016, shocking I know! I will save you from the “Oh my peaches, where did the year go!” chatter… Everyone knows where the year went… it was sucked into the dark cavernous time vortex.
Mid year (regardless of how the financial year works in your country) is the perfect time for a review. All those good intentions that you started the year with in January may have been forgotten. It’s like those yoga pants you vowed you would not wear out in public in the new year, you’re not sure how but they’re back. You may have promised to be more organised, productive and profitable, but you’re not. You’re in business yoga pants land, it is comfy but does you no favours.
Where do you start with a New Financial Year Review?
Remember the five plans I told you that you should have way back in January? No? Here they are with tips on how to review them:
Action Plan Review
Review that Action Plan that you “should” have created at the start of the year. Check off the tasks you have completed and make sure what you have left makes sense. If you didn’t start the year out with an Action Plan then you best get onto it now. You can download the Profit Lovers Plan + Track here.
Sales Plan Review
I personally find it easier to work in calendar years, not financial. I selfishly set up my downloadable workbooks and trackers for you all to use that way too. You don’t need to though, you can track financial or calendar (Jan to Dec) in your sales tracking. Just choose a method and stick to it. If you track financial years you should be doing your final calculations to make sure you hit your targets and then re-setting targets for next year. If you’re like me and refuse to go with the status quo in your country then a mid year review is in order.
p.s The tax office don’t fall in line with me unfortunately, so while I track calendar years I still make sure my taxes are done in financial years!
Money In – Money Out Review and Budget
I have stopped using “cash flow” and started using “money in and money out” instead. Profit Lovers are less inclined to ignore my stellar advice when I hide any reference to cash flow. Now I have lured you in…. stick with me…
Review the money that comes in to your business in sales (sales targets) and the money that you pay out in expenses. Do you have your list up to date? If you don’t have a list at all then open the Profit Lovers Plan + Track and get to it!
*If you don’t a system for recording your income and expenses it is a good idea to set one up. If you wait until the end of the financial year to hand your bookkeeper or accountant a shoe box full or receipts you’re missing out on key financial information… like if you’re profitable or not! You should know if you’re making money weekly, not annually.
Perfect Week Schedule
Are you opening your Perfect Week Schedule (in the Plan + Track) every day and sticking to it? If you have set your schedule up have you checked that the times each task takes are accurate?
Marketing Plan Review
What have you done so far this year to market your business? Has it worked? How do you know it worked or didn’t work? Did you track your results? Have you been tracking your tribe to see if you’re attracting more and more loyal lovers of your own each week? And finally, do you have a plan for the next six months?
Don’t yoga-pants-it until December, that would be such a profit loving waste of time and money.