Reviewing Your Business for Success in the New Financial Year
Reviewing your business each financial year is crucial to business growth. Whilst we’re already over one month into the FY24 year, if you haven’t reviewed your business, it is never too late to hit the reset button and focus on reviewing your activities, expenditure, and strategies.
If you HAVE done this already, you’ll find a helpful list of points below that you may want to check you’ve covered off in your FY24 review.
Reviewing Your Business - The Questions to Ask Yourself
What reviews have you done of the business? Not just as a CEO, but with your executive team, what wins, misses and learnings have emerged from the last year?
Internally what are you hearing back from your leadership team and employees?
What are they saying the company should start doing, stop doing, or do more of?
What has been the feedback from your customers? What are they asking you to start doing, stop doing or do more of?
What strategies do you have in place to deliver on these learnings?
Re-assessing Your Commercial and Financial Position
What metrics have moved in your business over the last year and how does your performance track against them? What is your position from a cash flow and profitability perspective?
This is the time to deep dive into your accounts payable and receivable, and inventory turnover. What are your work-in-progress amounts, have you revised pricing structures and profit margins? Reviewing these metrics will help provide a strong commercial picture of your business.
Re-evaluating the Strengths of Your Organisation
What do you and your leadership team identify as your key strengths, how can these be finely tuned and used to not only to differentiate you from your competitors but leveraged into your future strategy?
Reassessing the Market
How has the marketplace changed in the last year, what are the changes expected in the next year and what plans are in place to manage these?
How have your competitors changed and what changes will you need to make to stay ahead of them?
Future and Long-term Vision
What is your long-term vision and what measures do you have in place to achieve these?
One of the most effective ways to approach planning your long-term vision is to define what you want to accomplish over the next 3 years. This then helps determine what must be done over the next year, and in-turn what must be delivered over the next 90 days as a business, to support the achievement of the 3 year vision?
Breaking it down into individual milestones quarter by quarter, allows you to plan for and work towards the bigger picture. Taking the time to review your business on all these levels is crucial for business growth in this financial year and beyond.
If you need assistance reviewing your business, Visage Growth Partners offers a free ‘Growth Assessment’ tool, specifically designed to address 7 key areas of your organisation and ask the following questions.
LEADERSHIP - Is your leadership team authentic, healthy, and aligned?
TALENT - Do your leaders relentlessly pursue a culture of results and accountability?
STRATEGY - Can your team state your unique and value-driven market position?
EXECUTION - Do you have a visible, measurable set of priorities with action plans?
PROFIT - Have you identified the vital levers to optimise and accelerate profit and cash flow?
CUSTOMER - Do you have a compelling customer promise and referral lifecycle?
SYSTEMS - Do you have a technology, decision making, and change management plan?
This tool has been designed with the goal to accelerate the growth for the CEO and executive leadership team of any organisation looking for business growth.
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