How to Lead Your Business Through the End of the Fiscal Year
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Starting the new fiscal year on the right foot is crucial for setting a productive tone and ensuring that your offices are aligned with your company’s goals. It’s a time to refocus, refresh, and reenergize your team, ensuring everyone is prepared for the challenges and opportunities ahead.
Take a look at a few strategies to kick off the new fiscal year successfully. Keep in mind that you can try one or all at any time with your team.
1. Set Clear Goals and Expectations
Start the fiscal year by clearly outlining the company’s objectives and expectations for the year. CEOs and managers set the vision so that it can be realized by the rest of the team. Whether it’s revenue targets, project milestones, or customer acquisition goals, ensuring that everyone is aligned helps create a unified direction.
Break down company-wide goals into department and individual objectives so that each team member understands their role in the bigger picture. We often call these KPIs (key performance indicators), and they help everyone stay abreast of their progress. And yes, you should feel free to adjust these goals as needed.
Top Tip: Host a company-wide meeting or a department-specific workshop to discuss these goals, fostering transparency and accountability.
2. Review and Reflect on the Previous Year
Take time to assess the previous fiscal year—celebrate successes and identify areas for improvement. What worked well, and where did the team fall short? An honest evaluation allows you to learn from the past, helping to refine strategies and set more realistic goals for the new year.
Top Tip: Engage employees in this reflection process by gathering their feedback through surveys, team discussions, or one-on-one meetings. You need as much information as you can get because one person’s win is another’s loss and vice versa.
3. Update Financial Projections and Budgets
Review financial reports and projections to ensure your budgets are up to date. Set clear expectations for how resources will be allocated and where spending may need to be adjusted. Accurate financial planning is key to managing growth, maintaining cash flow, and preparing for any unforeseen challenges.
Moreover, it is wise to ensure that you have reconciled your roster because turnover can often be sudden and confusing, leaving names on and off documents that can cause headaches down the line.
Top Tip: Involve key department heads in budget planning to ensure everyone is aware of constraints and opportunities within their teams.
4. Revitalize Team Spirit and Culture
Turn back to your corporate culture, remind the team of the company’s core values, and avoid the temptation to change everything. If it works, don’t stop. If your team has indicated that certain types of changes are required, don’t be afraid to make those changes.
Top Tip: Plan a kickoff event or retreat that allows employees to connect, relax, and recharge for the challenges ahead.
5. Introduce New Tools and Technology
If your company is adopting new technology or tools, the start of the fiscal year is an ideal time to implement them. Whether it’s AI-based systems, new project management platforms, or communication tools, introducing them early allows your team to adapt before major projects ramp up. If you’re planning to adopt new systems, let your team know. If you believe the team needs a refresher, schedule that as part of your kickoff meeting.
Top Tip: Offer training sessions or workshops to ensure employees are comfortable with new tools and understand how to use them to enhance productivity.
6. Refresh Employee Training and Development
A new fiscal year is an opportunity to invest in your employees’ growth and development. Update or introduce training programs to help your team expand their skill sets, whether it’s technical skills, leadership development, or industry-specific certifications. What is the company paying for? Is there a course or certification that a member of the team needs? Now is a good time to ask.
Top Tip: Encourage employees to set personal development goals that align with their career aspirations and the company’s needs. Offering mentorship or coaching programs can support this growth.
7. Prioritize Health and Well-Being
The beginning of a fiscal year is a good time to remind employees of the importance of work-life balance and well-being. Consider revisiting policies that support mental and physical health, such as flexible work hours, wellness programs, or resources for managing stress. You don’t need to do much other than making certain that this is a priority. The Hollywood image of a massage therapist walking around the office every day sounds great, but what you allow your team to do to prioritize their health (and family time) is far more important.
Top Tip: Create wellness challenges or offer workshops that focus on mindfulness, time management, or healthy lifestyle habits, but make certain that these events align with the personalities of your team members.
8. Assess Risks and Develop Contingency Plans
Review potential risks that could impact your business in the upcoming year, such as market fluctuations, supply chain disruptions, or competitive threats. Developing contingency plans early in the fiscal year can help your team navigate uncertainties with more confidence and agility.
Top Tip: Regularly update your risk management strategies as new risks emerge and communicate contingency plans to all relevant departments. If you’re not certain where to start, reach out to a mentor like JW Radford.
Learn More About How CEOs Manage the Beginning of a New Fiscal Year With JW Radford
Starting the new fiscal year right is about setting clear goals, refreshing your approach, and energizing your team. You can learn more about this critical work with JW Radford, allowing you to grow as a business owner, manager, or future entrepreneur.
