Issue #1

"This year will be different" says everyone

As Waitangi Day passes by, it's natural to reflect on our business journey, comparing where we stand now to where we were last year and the goals we set for ourselves in 2023. Yet, despite our best intentions, it's easy for those aspirations to fade into the background as daily demands take over.

Perhaps you've had this conversation with yourself recently, or perhaps it's one worth having. While setting goals is essential, as James Clear emphasizes in his book "Atomic Habits," they only truly work when accompanied by small, actionable changes in behaviour. One effective strategy for realizing your objectives is to create a cashflow forecast. By translating your goals into financial terms and projecting the outcomes for the year ahead, you can establish smaller, attainable targets.

Surprisingly, this approach applies not only to business objectives but also to personal aspirations such as spending more time with family, improving fitness, or expanding your professional network. For instance, dedicating more time to family might require hiring additional help, empowering existing staff, or exploring financial restructuring options with your bank. The key is recognizing that qualitative goals often have financial implications for both you and your business.

The crucial first step is to complete a cashflow forecast for the upcoming year. This not only provides valuable information but also allows you to explore various "what-if" scenarios. Your bookkeeper should be able to give you cost effective assistance with this process. Alternatively, if you're unable to access professional help, we at SILK love helping our clients make better and empowering decisions for themselves and their business.

If you found this newsletter insightful and helpful, please consider sharing it with friends, family and fellow business owners who may benefit from these strategies.

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