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Get Off to a Great Start this Fiscal Year

Posted on Tuesday, July 19, 2022 in Financial Education

Get Off to a Great Start this Fiscal Year

It may not be ushered in with noisemakers or fancy parties or even be celebrated on January 1, but it's still a big thing in the world of business. It's the start of the new fiscal year and an occasion to celebrate past successes and start fresh with new plans, ideas, and goals.

To accomplish that, there are some smart steps you can take:

Know where you stand financially. The best indicator of the health and wellbeing of your business is your finances. That's why it's imperative that you run financial statements to help you with planning for the new year. These statements include:

Income statement: An income statement will show your profit or loss over the past year.
Balance sheet: A balance sheet provides a snapshot of your assets and liabilities at a particular point in time.
Cash flow statement: A cash flow statement can help you understand the cash that comes in and out of your business.

Assess your goals/plans. Before you begin the fiscal year, review your goals and accomplishments for the previous year. Did you meet them? What could you have done differently? What are your goals for the coming year? For example, will you introduce a new product or purchase new equipment? Make a detailed list of your plans and goals for the upcoming year.
Make a budget. Next, you need to start creating your budget. Your budget should not only include expenses, but also income projections based on past performance as well as the expected financial impact of your goals and plans for the year.
Connect with your customers. Do you know your best customers? If you do, reach out and acknowledge them. Knowing your customers will also provide valuable information to help you deepen relationships, build loyalty, and ultimately increase revenue in the coming year.
Recognize your employees. As the labor shortage has taught us, your employees are critical to the success of your organization. Taking the time to recognize their accomplishments either through financial rewards, benefits, or even appreciation events, can help you get them and your business off to a great start in the new fiscal year. And that's something to cheer about!

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