I know it’s a bit late – but HAPPY LAST FQ. Now is the time peeps to review the last 9 months. And prepare carefully for the remaining 3 months of the FY.
Not only will this determine how you conclude financially – but it also can determine where you may be in 12 or even 24 months time.
Here are the Top 10 Questions I’d suggest you answer for yourself in order to be in the best position for financial success in the next 12-15 months:
1. Has my financial position improved over the last 12 months (since April last year)?
Why since April last year? This allows you to determine patterns and benchmarks. If you only review the last 9 months (current FY) then you miss any important data based on your similar position this time last year.
I review in Quarterly blocks (so read and analyse quarterly reports) focusing mainly on P&L (or income / cashflow) and then asset allocation.
Review firstly by overall ownership or entity structure. And then break down to analysing individual asset and income lines.
2. If it’s not improved then why not? If it has, why has it?
If nothing has improved write down why not. Be honest – because hiding the truth from YOURSELF is just plain dumb! If it has improved, what happened to improve it.
3. What financial result do you want to achieve in 2 years from now?
Why 2 years from now? If you are considering borrowing funds for asset or capital expansion, or even to enhance cashflow, then lending parameters are often based on a historical 2 year review. So you need to have a good idea (always open to change of course) of what you want to be experiencing in the short term.
10 years is often too far – and only really applies if as part of your planning (as I do) include retirement and superannuation planning.
4. And 12 months from now?
1 year is an excellent short term target which I’d strongly encourage you to break down into quarterly (3 month) reviews.
5. If nothing changes – will you achieve the 12 and 24 month targets?
Make sure you are clear and honest with yourself. And even more powerful, be honest with your partner (personal or business). If you do nothing and continue as is, will you achieve your 1 and 2 year targets?
6. If nothing changes, what do you NEED to change?
In your analysis, if you’ve determined that by doing nothing, making no changes and leaving everything as is (effectively sticking your head in the sand) that you will NOT meet your 12 or even 24 months targets. Then what do you need to change.
And this point, don’t get concerned or scared about HOW you will achieve it. Just identify what needs to change. The HOW and WHO answers come later.
7. Can you do it yourself?
Are you a DIY person or do you get the best results having someone guide you and also hold you accountable? I know PLENTY of people who choose to struggle. Because in their mind it’s important to find the answers themselves and ‘bumble along’ hoping (praying) that they’ve got it right.
And if that’s you – fine. As long as you are sincere and work through these questions you are giving yourself a great chance to improve.
However, if like most of us, we are more concerned with security, peace of mind and having choices – then identify that’s the case and acknowledge that maybe you ‘could’ do it yourself – kind of, sort of. But you know better, faster and safer results will come from being guided be someone who is already getting the results you want.
8. What or Who do you need to help you achieve these targets?
Do you need a DIY framework? A set of guidelines and structures to achieve what you want. You feel if you had the templates and an explanation, then you are enough of a ‘self-starter’ that you will be fine.
If not, it’s not a question of ‘What’. It’s a question of ‘WHO’. Who do you need to get the results you want and to help you impact your business, your family and improve your lifestyle.
9. Are you prepared to commit to your targets or are you really just kidding yourself?
This is a great question. Is all the answers you’ve written down so far, fair-dinkum. Or are you just blowing smoke up your butt? Are you committed to change? If you are – then things are gonna change. Or are you too scared (or to egotistical) to make a change.
Either way – again be honest with yourself and if you are serious about helping your loved ones, then commit and take action.
10. What date will you finalise your finance & investment plan mapping out the action steps to your goals.
Write down the date in which you will FINALISE your finance and investment planning. Not the date in which you are going to start. You already have started. But the date in which you want to have completed your Finance, Investment & Lifestyle Plan.
From here you will know the weekly, monthly and quarterly action steps you need to take to get the results. Commit to completing your plan. And work backwards from there.
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