June 30 marks the beginning of a new financial year and is the perfect time for small business owners to set new resolutions for their business in the coming financial year. In setting these goals, one can look to the 5 R’s as a guideline: Rejoice, Reflect, Review, Reset, and Recharge. Small business owners will benefit from taking time to reflect on the previous year and draw lessons from both their triumphs and failures alike. Additionally, updating technology, assessing business relationships and costs, and planning time to dedicate toward personal care will all help in the preparation for a new financial year and lay the groundwork for future success.
Key Takeaways:
- end of year is time to plan for the new and make resolution on business on what to do in the new financial year
- evaluate the business performance, determine whether it was a success or failure.
- at the end of your business year know your debtors and creditors, balance your accounts and also evaluate your ad visors.
“With the 30 June deadline done and dusted, now is a good time to reset, recharge and get ready for the new year ahead.”
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