The past few months have been a whirlwind for many New Zealanders. From devastating weather events to rising costs of living pressures, it’s been a hugely challenging start to 2023. But the promise of a new financial year brings the chance for small business owners to reset their work routines – creating new habits, goals and even wellbeing practices to make life a little easier. 

Despite continued uncertainty, year end is the ideal time to think about how you can set yourself up for success in FY24. Look at what’s in your control and plan (to the best of your ability) for what’s not. Most importantly, though, try to remember why you went into business in the first place. To help you get started, we’ve compiled some tips below.

1. Leverage tech to stay on top of your numbers

There’s so much you can do on the Xero platform to help ease the pressures of running a small business. But some entrepreneurs are yet to uncover its full potential. So in the new financial year, why not reach out to us to chat about the features and tools to help you work smarter, not harder:

2. Schedule weekly downtime to look after yourself

 It’s important to take a moment for yourself every now and then – particularly for small business owners who can often find themselves under a lot of pressure. Whether it’s going for a walk, joining a yoga class, heading to the movies or hanging out with family, try to set aside time away from work every week to focus on what fills your cup. 

3. Discuss the year ahead with your business coach (sooner rather than later)

If you haven’t already, now is the time to get in touch with your business coach and mentor about FY24 planning. Set yourself some goals, such as creating a monthly budget, tracking weekly cash flow or upskilling in a future-focused area. And remember, an business coach can offer many pearls of wisdom beyond the basics (like GST and tax planning). So whether it’s been 12 months or two weeks since you last spoke, be sure to reach out to get organised for the year ahead.

4. Think of advisory as an investment

Keep in mind that end of financial year isn’t the only time you can benefit from an business coach's expertise. How often you meet is up to you. However, the more often you connect, the more likely you are to build trust – an essential ingredient in any client-advisor relationship. After all, a coach can only help you if you’re open and honest with them. If you haven’t worked with one before, be sure to look for someone who you really connect with and prioritise relationship building early on.

Don’t let the new financial year pass you by; now’s the time to hit refresh and start FY24 off on the right foot.

Contact Linda on 021 027 50930

Source: Xero.com