This June, we come to the end of the year of 2016, at least for us accountants anyway! We have a little party, we get ready to start the tax season process, and we start looking forward for the year ahead. For us, it’s helping clients take the hassle out of their tedious bookkeeping and compliance work, and assisting them in whatever they may need to keep their business on track and successful, to achieve their goals.
However, this got me thinking – we, like many businesses, focus a lot on the day to day operations. What we need to do right now to keep going. We ask questions like ‘what do we need in place for the new financial year to make tax season 2017 go as smoothly as possible?’ and ‘How are we going to cover capacity while a team member is on leave?’. We focus on the projects on the short term, for the next day, month or the next year.
As business owners, it’s very easy to fall into the short term focus. It’s what we’ve done from day one to get where we are now and without at least some form of focus on these areas the business would stop altogether. However, what is the longer term goal, where is this business going, what is the end game or goal – where are you going?
Let’s coin a phrase here, what is the ‘20/20 vision’?
Ask yourself – By 30 June 2020, how is your business going? Do you want to be doing the same things you are doing now, do you want to be doing something completely different? How do you want the business to look – how big is it? How many team members, how much turnover, or profit? Do you want the business to be where it is now, or moved to another town or market? Does your business allow you to live the life you want to, through sufficient time off and profit?
Would you like your business to be sold to new owners by 2020, so you can start up something new or enjoy an early retirement?
To quote Diana Scharf ‘Goals are dreams with deadlines’ – once you know where you want to get to, you can start working out what you need to do now, what you need to do next month, what you need to do next year, and so on to get there. Lots of mini deadlines to get to on the right path to your goal.
To be fair, 30 June 2020 isn’t that far away, only four years, one month and 15 days at the time of writing. However, a lot can be done in a short timeframe, provided you know where you are going and what you need to be doing right now to achieve it.
With the new financial year in mind, I’d urge all business owners to think about their 2020 vision. Take some time out, step away from the day to day and put some serious time picturing where you would like to be by 30 June 2020. This is the first step in making it a reality. Contact us today and we can help develop what’s POSSIBLE for you. I know that at Wardles we’ll certainly be working on ours!
Peter joined Wardle & Associates in 2001 and has been a partner since 2005. He is a local and has a good understanding of the town and its economic environment. He has developed an impressive array of accounting and taxation knowledge in his 10 years experience in the industry. He is also very experienced in the area of Information Technology and the firm relies on this experience to assist businesses with their IT and software solutions. He is a Chartered Accountant and has a Bachelor of Commerce.
Peter is the father to two girls and is the bass guitarist in local band, The Groove Lab. He is a member of the local Rotary Club and enjoys music and Sikaran.