Happy New Financial Year

Happy new finanical yearPeople generally see the passing of a new year as a significance event. Often it’s at that time when people create their new year’s resolutions. Resolution is another word for goal or objective. As we all know, not too many people are successful in achieving their goals.  Why is this?

From my experience, both personally and in business, the primary reasons why objectives are most often not achieved is because:

  • There are too many resolutions. (We tend to believe that less is more).
  • They are not clearly defined, including how and when they are to be achieved.
  • The progress of the objectives are not reviewed regularly.

I feel, of the 3 points listed above, the last one is the most crucial.  Reviewing and re-assessing your progress allows you to make changes so you remain on track.  Without a doubt, having someone who is willing to help you in the process can make your objectives more meaningful and achievable.  Their role is to facilitate and support you on your journey.

The title of this month’s article is a reminder that we are in a new financial year.  The issue of goals, objectives and resolutions is just as relevant for a business as for individuals, though, less common to see.  I think the reasons for this is that businesses, such as farming enterprises, involve more than one person with the focus is on getting the work done.  Longer term planning and setting clear objectives is a much more complex task when there are different generations with competing interests involved in the farm.  In many respects, knowing people’s expectations and business objectives is even more important in a family business because they are more willing to collectively work for the benefit of everyone.  How do I know this?  From our experience of working with farming families over 25 years.

When engaged with people in business, our most important initial role is to understand their circumstances and what’s most important to them and their family.  This is how we begin the process of helping them to define their objectives.  We learn what drives them.  The next questions are “How can they achieve those things, what needs to be done and what is the implementation process?”

As you can see, this is a very different role to an accountant, solicitor, agronomist or bank manager.  Yes, we are qualified financial advisers but we really see our main role as facilitators.  A facilitator knows their client, what they want to achieve and supports them on their journey.

Perhaps this New Financial Year is an ideal time to review and assess your business in relation to what your family members would like to achieve for themselves.

This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs.

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