KEEPING UP TO DATE

EOFY: A time to Review & Plan

The end of the financial year presents a good time to review your businesses operations and performance; reflect on what has worked in the business from a marketing and operational perspective; assess whether it’s been a ‘good’ or ‘bad’ year; and plan for the coming financial year.

Key to the above considerations is a clear definition of what defines a ‘good’ or ‘bad’ year: This question can only be addressed if an adequate KPI matrix or performance dashboard has been created to ensure this key information can be easily obtained.  The performance of these indicators will determine whether a positive or negative result has been generated.

Activities that can assist when undertaking this analysis and planning may include the following:

• Review of actual performance to budgeted performance and variance analysis;
• Review of key drivers of the business and how they have varied from prior years;
• Considering what measures can be implemented to drive performance improvement;
• Preparation of a forecast/budget for the coming financial year;
• Consideration of whether there is a clear business plan and strategy in place or if one should be prepared or updated;
• Review of key employee performance compared to expectation; and
• Consideration of whether the business is capable of growth. If so, how will this growth achieved and funded?

No individual is capable of growth or improvement without some degree of self-reflection and businesses are much the same. Take time now to reflect on your businesses performance to identify areas of improvement. It just might be the best time you invest all year!

Let us help you ensure these critical HR processes are in place and effective for FY 2022/23 can be your best yet. Contact your Impact HR consultant today.