BGES

Eric Tjoeng – CEO, Business Growth and Exit Specialists

Have you got a New Year Resolution or an Action Plan for success in 2023?

It is so common for us to go about closing out a year and starting a new one with a New Year Resolution.

For business owners the most common ones would be ranging from business growth, business sustainability, business exit, a better work life balance or just getting the right help to navigate the complexity and the stress of running a business.

According to Mick de Boer’ research about New Year’s Resolutions, most people quit before the end of January, and only 9% see their resolutions through until succession.

In achieving a better outcome for your business in the New Year, rather than making a New Year Resolution, it is much more effective to strategise for a clear action plan to move your business forward in the New Year.

For business owners, it would be a great start to have a clear action plan in reviewing your business strategy/road map for whatever your objectives are going to be, whether it is about improving your profit or cash flow, growing your business, future proofing your business or exiting your business with a clear workable financial projection.

Sharing some great thoughts from my colleagues

George Mavros – Associate Partner (Sales, Marketing and Intellectual Property), Business Growth and Exit Specialists

Many people make resolutions for the New Year and rarely are they kept past the end of January. 

The main reason, other than the fact they are often conceived after a large amount of alcohol on New Year’s Eve, is because there is no committed intent attached to it. 

A plan without a timeline.

A plan without specified desired results.

A plan without commitment if time, finances, resources required thought, is nothing more than a whimsical idea!

You have to be able to measure it, to be able to realise if you are on track or not. 

To succeed set the goal, set the strategy, then commit to it 

Joseph Essey – Associate Partner (Small Business Advisory, Accounting and Financial Control), Business Growth and Exit Specialists

While most businesses in Australia run their financials from July to June year end, in a lot of ways the calendar year end presents an even better opportunity to develop a financial roadmap for your personal and business financials. The holiday and quieter January period for most provides the time for reflection on the year that passed and planning for the year ahead.

The new year is also commonly a time that people resolve to make a change in their careers and/or business. This could be to start their own business or to grow their existing business in a new and exciting direction. Amongst the joy of the festive season, and possibly with a few wines under the belt, this can seem like the greatest idea, but the proof is in the pudding (no pun intended!). That is to say, reliable financial projections done with the help of an experienced advisor should always support these plans to ensure they are financially viable.

To put a new spin on an old proverb, Actions speak louder than words but action plans without numbers will fall on deaf ears.

Lina Tjoeng – Principal Solicitor, MLC Lawyers

2023 is just around the corner, rather than another New Year resolution, a clear strategy plan for acquiring human resources for your business in 2023 could be very valuable to your business sustainability and growth.

One good solution to complement your human resources requirements in 2023 could be applying and having your business qualified as a Business Sponsor and then through a regulated process you can acquire approved employees from overseas.

You can employ and sponsor skilled employees and also some trade services employees. The Australian government has recognised that there are employee shortages in Australia, and it has provided more places for overseas employees to enter Australia in 2023.

Ronelle Wilson – Partner at CIB Accountants & Advisers

Many of us make new year’s resolutions to make a positive change in life or business. In reality, such resolutions don’t last beyond the new year celebrations and amount to nothing more than dreams or wishes.

To get serious and make those wishes would come to life, you need to turn your resolutions into goals and plan how to meet them. Goals involve action plans that set you on the pathway to achievement. When making your new year goals consider the following:

Be specific in your goals and the steps needed to get your desired results.

Rank your goals in order of importance. Identify the ones that will generate the most beneficial improvements to your personal and professional life and “own them”. Limit them to the few most critical.

Establish both short and long terms goals. What goals can be achieved quickly, and which are the goals that are more long term?

Track your progress and make your goals visible through reminders to assist in staying focussed, and realign the course you take to achievement as needed.

Committing to setting a plan and being personally accountable, is definitely the way to start the new year.

Martin Collins – Principal Solicitor, Collins Legal

When planning for success we should always anticipate growth and reward but to quote John Lennon ‘Life is what happens while you are busy making other plans.’

We must anticipate the unexpected, which includes setbacks in physical health as well as financial.

Estate planning includes having an up to date will appointing Executors who are able to step in and manage your Estate for the benefit of those left behind. As a self-employed your Executor(s) should be able to manage your business to protect its value.

Should you be injured or ill for an extended period an Enduring Power of Attorney ensures there is a backup in place to pay the bills and manage your affairs until you can retake control.

Finally, should you become so incompetent through illness or injury that you cannot instruct your doctor as to your treatment then you require an Enduring Guardian to make those decisions on your behalf.

This has probably taken a darker turn than you were expecting for an end of year article but achieving success comes in many forms and a well-managed estate is one of them.

Milind Kulkarni – Digital Transformation Leader at Samartha Information Systems

That’s right. No New Year resolutions. Why? Because they are unrealistic, and most people will give up on them. So, what can you do instead? It would be best if you had an actionable plan to achieve your goals. That way, you’re setting yourself up for success. As a result, you’ll feel happy and fulfilled by your progress! It’s a great feeling to be able to look back at how far you’ve come instead of looking back at how far you haven’t been able to come. 

Let’s have a few actionable points for getting more customers in 2023 for your business using CRM systems 

• Clean up your current customer data.
• Make sure you have a well-defined sales process in place.
• Set up training for your team.
• Integrate CRM with other systems.
• Make sure of workflow and automation to increase your productivity.

Pina Brandi – Property Strategy at PB Property

The problem I have with resolutions is their lack of specificity. Everybody can say they want to buy a property or create wealth through property. But not many actually go through with it. 

This is why my focus goes to setting goals, since the mindset and approach to achieving a goal differs from that of a resolution.

A resolution is a statement of what you want to change. A goal is a statement of what you want to achieve; the steps you need to take to achieve it; and when you want to achieve it by.

Goals take longer to frame because they involve planning. But this preparation provides you with a clear direction to follow to reach your desired outcome. 

This approach can be transferred not only to start your property investment journey, your first home purchase but for your career and business life.

This is why I believe that if you really want to achieve something different in 2023 you must start with Goals and an Action Plan.

Ramy Georges – Director, Prime Loans

As the year comes to an end, we are all guilty of planning how the new year will bring out the new me, only for this to fall over 2 weeks into January. But with a financial action plan for success, this will ensure you not only plan but execute these plans for success in 2023.

Now more than ever people are cautious of their finances from a personal and business perspective and wanting to achieve their financial goals. Whether it be to construct your new house, grow your property portfolio, clean up your personal debt or even grow your business. 

Having your home loan reviewed, has become more important than ever, in ensuring that you are under the correct product, rate, loan features (i.e., redraw/offset facility) and taking advantage of refinance rebates being offered by the banks.

Acquiring funds or assets for your business to take it to that next level in market, in making your vision that you have been dwelling on for so long, a reality.

Consolidating your personal debt under one competitive product/rate, in return saving you money to be able to spend money on the things that really matter.

To conclude, whatever your financial goals may be, it is important to be on top of your current and desired finances so that you can use the unnecessary expenses being paid and apply it to your action plan for a successful 2023.