Prepare for success

The start of the new financial year period is a great time for organisations to evaluate their budget for the year ahead. They can use this time to put in place plans for achieving growth. By defining specific and measurable objectives, businesses can create a roadmap for success. They can also ensure that everyone in the organisation is working towards a common purpose.

1. Review the previous business year

Before setting or implementing any goals for the new financial year, it is important to reflect on and analyse any strengths, weaknesses and learnings that have helped to elevate previous growth. Looking at any headwinds and opportunities will help gain insight into where businesses should focus their efforts for the year ahead.

Based on the analysis of the previous year, organisations can start developing specific strategies. These will help maximise their strengths and address weaknesses for business change. Doing this may involve the following:

  • Allocating resources to areas that have shown potential for growth
  • Investing in training and development for the team
  • Exploring new markets and opportunities

By focusing efforts on these key areas, businesses can set clear goals and increase their chances of success in the upcoming year.

2. Consider budgets for business change

In addition to developing a strategy, it’s essential for businesses to use this time to examine budgets for the year ahead. It’s also important to identify areas where organisations may be under or overspending.

By analysing and allocating spend to support specific initiatives, businesses can effectively invest in areas that have the potential to generate success. This allows for the following, all of which can contribute to growth:

  • Implementation of new projects
  • Training
  • Development
  • Hiring of additional staff
  • Acquisition of advanced technology or equipment

For digital transformation, allocating funds to trial different technologies is crucial to ensure the right technology is selected and installed to benefit the business and its people.

3. Communication is the key

Effective internal communication has a great impact on employee engagement and business change. Therefore it should be a constant area of improvement for organisations.

A report published by Think Talent found that organisations with effective communication programmes are 3.5 times more likely to outperform their industry peers when it comes to employee engagement. Consequently, it is important for businesses to ensure that everyone in the team is aligned with the growth strategy, understands the reasons behind the change, and feels empowered to contribute to its success.

For example, if a business is looking to implement a digital transformation, then it is important to address and communicate potential barriers and risks. These barriers might include resistance from employees who are accustomed to using the old software, compatibility issues with existing systems and the need for additional training.

As a result, it is important to create a timeline with measurable milestones and to involve key stakeholders and employees in the planning and implementation. Both of which are crucial components for success when it comes to any change. This will help increase buy-in from employees and make them feel that the change is being done ‘with them’ not ‘to them’.

Overall, the new financial year offers many opportunities for growth. By implementing strategies, optimising budgets, and prioritising communication, organisations can position themselves for success in the upcoming year.