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Small Business Tips: Mid Year Business Review

Guest post by: Ingrid Cliff

Article Overview: I love the end of the financial year and that is not because I spent so many years at the Treasury Department! In January we set New Year’s resolutions but we often set them without clear indicators of success. If this is you, consider that money is one very tangible indicator of success - it is by no means the only indicator, but it is an easy one to measure. Where you are financially is a direct result of where you are emotionally, physically and spiritually.

Small Business Tips: Mid Year Business Review

I love the end of the financial year and that is not because I spent so many years at the Treasury Department! In January we set New Year’s resolutions but we often set them without clear indicators of success. If this is you, consider that money is one very tangible indicator of success - it is by no means the only indicator, but it is an easy one to measure. Where you are financially is a direct result of where you are emotionally, physically and spiritually.

Mid year is when we are gently encouraged by the tax department/IRS to take stock of our financial situation – what we earned, what we saved, what we invested and where we are now. Accept this gift by the tax dept/IRS and rather than looking at it as a chore, use it for something wonderful – taking stock of your life and not just your income!

How does this work? I suggest this financial year, when you do your tax, take the next step.

1. Stop and closely look at where you are financially.

2. Consider – how am I directly and personally contributing to this by my attitude, skills or approach.

3. Consider what beliefs you may be carrying that are directly creating this financial outcome.

4. Our top 5 personal values are where we focus our money, time and energy. If your family is important to you, then you will spend your time and money on them in preference to other things. If you are not happy with where you are spending your money and your time, what needs to change?

5. Stop and work out your personal and financial goals for the coming financial year using on the “Goals that Work” article to guide you.

6. Write down your goals on your diary or calendar and review them monthly when you review your personal financial situation.

Personal Attitude, Skills and Approach DOES Matter

But I own a business, you may say. How does my personal attitude, skills or approach impact on my business earnings? Up to 80% of any business success is directly attributable to the management team. They are human like all of us, so have strengths and weaknesses. If you are part of the management team or the owner, your individual strengths or weaknesses reflect in your business. For example:

• You may be a great visionary, with amazing dreams. However, you may not be good with the day to day detail of bills/invoices and internal administrative processes. You create grand plans for expansion while the current business slowly falls apart at the foundations due to poor internal controls.

• You may be great at the day to day business of the business, but have no spark for the future. You will never reach the full potential of the business.

• You may be great at delivering outcomes, but a terrible manager of people. Your business will see high turnover, low morale and people not performing to their potential – all at a cost to the profitability of the business.

• You may create fantastic products, but not be a great communicator or not be willing to stand up and be “visible” to stakeholders, so your products gather dust or new clients are slow to come into the business.

This also applies if you work for other people. Even if you are a paid employee, you still also work for a company called “Me Inc”. How successful Me Inc is, depends on you and your attitude, skills or approach to your job.

• You may be great at initiating projects, but not so great at following through on the details or completing the task. Where else do you fail to complete in your life?

• You may be happy to go to work, doing your 8 hours and just getting paid, and living only for weekends. You are only going through the motions, not living your passion or your dream. Weekends are only 2 days out of 7 – what a hard, dry life for the most part!

• You may get things done, but no one in the team likes you or wants to work with you, so you get the projects that no-one likes or you only work on your own.

So, if you want to change your outcomes, you may need to change your personal attitude, skills and approach.


Beliefs

Your financial situation also is linked to your personal beliefs. If you believe it is better to give than receive, money will go out faster than come in. If you believe that to be spiritual you need to be poor – guess what you create.

To check out some of your beliefs on wealth – write down as many things you can think of in relation to the following:

Rich people are ….

Rich people never ….

Rich people always …

Money can …

Money can’t …

Next go through each one and see if this is true 100% of the time. Counter all negative beliefs with at least 3 situations where this has not held true in your life or in the life of others.

Finally work out belief you want to adopt in relation to wealth and then convert it to an affirmation and use it regularly this financial year to shift your beliefs

Related Articles
  How to Deal: Performance Reviews
  How to Ensure you Reach Your Finanical Goals
  Starting Your New Business – What Happens After The First Excitement Wears Off?
  Ten Top Tips For A Healthy Business To Start The New Year From Your Strategic Thinking Business Coach
  Planning for the New Year

Article Tags: business success, clear indicators, diary, earnings, financial goals, financial outcome, indicators of success, irs, management team, money time, new year, personal attitude, personal financial situation, personal values, preference, resolutions, taking stock, time and money, treasury department, work article



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