Resolutions can be fabulous or fizzers, depending on how you approach them.New Year’s Resolutions tend to get a bad rap, thanks to their tendency to be made hastily and in a party spirit. Hopes that are voiced only in the minutes before midnight on 31 December tend to be generic and aspirational (anyone keen to lose weight?) so are often forgotten about by noon on 1 January.
Yet, there can be enormous power in resolution-making. Annual events, such as the new year, can create a collective cultural awareness, with shared focus and energy.
For individuals, the new year is a great prompt for a review. For businesses, the End of Financial Year (or EOFY, to use its acronym), is an ideal alternative.
What is an EOFY resolution?
Quite simply, an EOFY resolution is a decision, plan or goal that you set around the 30 June.
These are most often based on core business issues such as finances, but remember that your wellbeing is also a top priority. EOFY resolutions can be about work-life balance or changing your focus in light of your changing needs.
EOFY is a busy time
Making resolutions is perhaps not the first thing a business owner thinks of in the busy lead up to 30 June, a date that can often prompt fear rather than reflection.
Not only are there tasks with a deadline – like stocktake, profit and loss statements, and asset purchases – but this time of year heralds a raft of other once-a-year jobs, including your personal income tax return.
It might seem counterintuitive, but these demands actually make EOFY the ideal time for businesses to reflect on the year that has been and plan for the next 12 months.
Don’t wait until June; you can start today
If you are reading this in August (or indeed any month other than June) you might think that you’ve missed the boat and don’t need to read on. But wait; the opposite is true! Planning ahead is a vital ingredient of successful resolutions.
Unlike alcohol-fuelled New Year, the best resolutions are based on calm awareness and known data.
It might be that your EOFY profit and loss statement is enough to prompt reflection. Nuanced resolutions will likely benefit from more finely-grained information that you may not be collecting routinely now.
What are your business pain-points now, and what information can you gather between now and the next EOFY to help you make objective decisions?
Are you are feeling constrained by contracts that you suspect aren’t suited to your needs? (If so, consider Vodafone’s no lock-in contracts, where if you cancel your plan, simply pay out your device on your next bill. T&Cs apply.).
Do your suppliers understand the world of a small business owner? (If so, Vodafone Mobile Landline is a new offer that might be perfect for you).
Making a note of these concerns allows you to observe their impact. Once the time comes for review, this reflection will enhance your clarity about the best way forward.
Review within unpredictability
Life as a small business owner is far from predictable and strategic planning can seem impossible when every day is different. Long hours, cash flow issues and the intermingling of work and personal lives are common sources of stress for small business owners.
Knowing ahead of time that you will formally review your strategic plans come 30 June can help keep the idea of business planning at the forefront of your mind and allow an astute approach.
Disrupt the day-to-dayness of business with a top-down view giving perspective on what’s working well and what could be changed.
An EOFY mindset
Having an EOFY resolution mindset means that you’ll be prompted throughout the year to be more organised.
Having a sharper eye on your current business challenges and goals will help give you clarity about how changes like these will affect you and remember that change can be positive and invigorating.
When solutions find you
By planning ahead, you might find that solutions become clear and that you don’t have to wait for the end of the financial year for decisions that will increase profits and simplify the running of your business.
For example, if you identify that late payments are constraining your cash flow, you might find a blog post that prompts you to follow the lead of businesses that move to upfront payments or offering early-payment discounts.
If you are finding that providing your customers with the convenience of multiple contact methods is resulting in endless bills, you might find satisfaction in Vodafone’s Bundle and Save option, which can save you up to 20 per cent across mobile, tablet, broadband and nbn plans.
Forget resolutions that fizzle. Start planning from today so that, by the next EOFY, you’ll have the data and awareness to fuel reflections that are truly fabulous.
Our top tips:
- Identify – what aspects of your business will you want to review?
- Plan ahead – put simple systems in place now so that you’ll have needed information
- Focus – on your wellbeing in addition to business success
- Schedule – your EOFY resolution review
- Act – once your resolutions are made, feel empowered to follow through
- Stay open – to solutions that find you before EOFY.
At any time, if you want to review your telecommunications with a provider that understands small business, don’t hesitate to contact Vodafone Business.
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