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How Small Business Owners Can Set Goals For the New Financial Year

by OnDeck Australia,   May 03, 2023

Starting a new financial year is a great time for small business owners to reflect on the previous year’s performance and set goals for the upcoming year. Clear goals can help guide your business in the right direction. Here are some tips on how to set goals for your small business in the new financial year:


Reflect on the past financial year

Take some time to think about what has worked well for your business and what areas could use improvement. Consider what you have accomplished and what challenges you faced. This will help you identify areas of focus for your goals.


Set SMART goals 

Ensure your goals are Specific, Measurable, Attainable, Relevant, and Time-bound. Setting SMART goals will increase the likelihood of achieving them. For instance, instead of setting a goal to “increase sales,” set a goal to “increase sales by 10% by the end of Q2 by implementing a new marketing strategy.”


Make a plan

Once you have your goals in place, create a plan to achieve them. This might include specific tasks or action items that need to be completed, as well as deadlines for completing them.


Communicate your goals 

Share your goals with your team and stakeholders to ensure everyone is on the same page and working towards the same objectives. This can help to build buy-in and support for your goals.


Track your progress 

Regularly review your progress towards your goals to see how you are doing. This will enable you to adjust your plan if needed and make sure you are on track to achieve your goals.


In summary, setting goals for your small business in the new financial year can help to provide focus and direction for your business. By setting SMART goals, creating a plan, communicating your goals, and tracking your progress, you can increase the chances of achieving your goals and growing your business.


Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at May 2023. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.

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