As the old adage goes, Spring forward and Fall Back but my question here is, are you ready to spring forward in your business?
For many business owners reaching the end of the tax year is a busy time and can be filled with both excitement and anticipation. For some, spring is simply a new season filled with joy and new life, for others it represents the start of a new quarter and in my case (for all of my businesses) it represents a new trading year and a new tax year. For me personally it also represents another candle on the birthday cake. But this year we are celebrating not just my birthday but a special business milestone birthday for my first business Crystal Clean. To celebrate we are holding a casual Night at the Dogs at the Owlerton Stadium and plan to use this opportunity to raise some funds for the Bluebell Wood Children’s Hospice on 4th April….. More Details on this here
A new tax year also means a new budget. There have been a lot of announcements and media coverage in the last few weeks about the spring budget and how it affects families and communities but we need to understand how it affects us as small business owners. There have been further changes to taxes, wages, pensions, benefits and more. So, if you haven’t already, I would encourage you to have a conversation with your accountant to make sure that you are fully aware of what the changes mean to you and to your business long term. Part of being able to spring forward is to know what you’re dealing with and then make a strategic action plan for how to overcome it.
So now we are officially in spring, what is your plan to spring your business forward in 2023? (too cheesy…?) My recommendation on how to move forward is to actually fall back. Now this doesn’t mean let your business fall back but instead I encourage business owners to stop, take a step back and assess your business and reflect.
- Take a few minutes to reflect on what you have achieved in the last 12 months, or even in the last 12 weeks?
- What has gone well and what could have been done differently?
- What do you want to do differently going forward?
- What are your goals and what actions do you need to take to achieve them?
Taking the time out to reflect and get a different perspective on your business can be a hugely positive experience and can even provide some lightbulb moments but the key thing here is to stop and take that time.
All too often as business owners we become so wrapped up in the business we can forget to look at it from a different perspective. I do this every quarter for every business I own and also include my personal achievements as well as business because ultimately we are all striving to find the right balance and doing this exercise helps me see where I need to focus my energy for the quarter ahead. So if you haven’t already done so then take some time this weekend to stop and think about what you’ve achieved and also what you want to achieve in the next quarter as well as what actions you’ll take to get there.
If you are really stuck and need help finding that perspective then feel free to contact me and ill happily guide you on your journey to clarity and help put a spring back in your step.