Gearing Up for financial year 20-21
Gearing up for New Financial Year
The beginning of a new financial year for businesses in countries like India, UK, Canada, Japan, Newzealand, etc. is going to be very challenging.
The post Corona, post lock down period would have done enough to bring down the morale of a many a business owner.
Loss of revenue, possible degrowth, loss of team members to Corona in some cases, certainly would not do any good to any business...
Most Business are expected to bleed for the next few months.
Cashflow, they say, will be terribly low.
It is predicted that economy the world over will take atleast 6 months to limp back to normalcy.
It's time to ask ourselves as business owners as to what we are going to do to handle the situation which is looking gloomy!
Self assessment at the
Beginning of Financial year.
During these hard times, it is very important to go back to basics.
Are we taking development of our business as seriously as we do for our personal development?
This is a question every business owner has to ask himself..
Many a business, do plan at the beginning of every financial year;
Corporates and SMEs alike....
Planning for the ensuing financial year is not going to be easy.
Lot of external factors will have to be considered by the planners.
Most corporates have systems, procedures and tools to assess the implementation of the plans thus made.
That preparedness also explains why most corporates are successful.
How many SMEs are seriously implementing the plans made in the beginning of the financial year?
Those SMEs who are employing systems to ensure that the plans are implemented properly and effectively are successful most times.
There are the two components in this process.
1. Planning
2. Implementation of the plan
For the implementation to be successful, the planning has to be effective.
During the next financial year, one more component will play a crucial role, in deciding the performance of businesses.
i.e: how well they adopt to the changing scenario(difficult to predict the entire year right now)
There are businesses which are healthy and others who are not...
Healthy businesses will try to make further gains.
Those who have financial challenges will fight out and to find ways and means to survive.
A few who will fail by giving up.
Interestingly, we are likely to see some businesses, with creativity, booming and making short term gains..
At this point, it is imperative that every business owner asks himself these questions!
1. How can my business grow bigger now?
2. What is that we are going to offer to the customers out there, which will make them welcome and embrace us.
The golden rule will influence businesses more than ever before...
"Only those businesses offering more value and results will survive and grow"
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