4 profit-driving actions to take before 30th June

Can you believe that 2023 is nearly halfway done already, whether you were in Australia and counting down to the end of financial year, or if you are overseas? As we approach the important six month milestone, now is a great time to sit down, reflect and reset to set yourself up for success. In today’s episode, I’m going to share four profit driving actions that you need to take before the 30th of June. So make sure you stick around.

As I shared in the intro, coming to halfway through the year is an important milestone for any business. So now is a fantastic time to sit down and reflect on the past 12 months. If you are a regular listener of the podcast or if you’ve done my course, The Profit Academy Foundations, hopefully you are looking at your business financials on at least a monthly basis. Hopefully, you are taking time to sit down and reflect on your business profitability. You are having a look at the other key financial metrics such as your balance sheet on a regular basis.

Now, whether you are doing that or not, what I really want you to do is take some time and undertake this piece of analysis right now.

Stop, reflect and do your analytics and reports

So take some time and reflect back on how your business has performed from a financial perspective. Up until now, how’s your sales looking for the year? How’s your business profit? What are some of the other key metrics in your business and how are they tracking? I love to regularly sit down, have a scheduled meeting. You guys will know I love my money meetings, but this is a meeting where I sit down and look at the other metrics in my business. Every month I sit down and have a look at some of the other key performance indicators such as social media followers, social media engagement, my email list, my open rates, things like that. And as we are coming up to a six month milestone, now can be a great time to really sit down and check in on all of your quantitative metrics.

Another thing that I would love for you to do is spend some time reflecting on the qualitative metrics. So how are you feeling about your business? What kind of results are your clients getting? How many hours of work are you putting into your business? Really, this is just about taking some time to stop and reflect. Often in business, we get so busy that we don’t actually take the time to stop, pause, and actually look holistically at the business. And as we approach this milestone, now is a fantastic time to do so. The reason I want you to stop and do this activity before we dive into any of the other actions is there is so much power in pausing and reflecting before we take action to move forward. So that’s the first action for you to undertake right now.

Set your goals for the next 12months (or new financial year)

The next step that I would love for you to take is to sit down and set your goals for the new financial year. If you’re heading into a new financial year or for the next 12 month period of time, really stop step back and think about what those goals look like.

Some examples of things that you might want to set for yourself. How much revenue do you want to make? What investments do you want to make to support that? If you’re intending to grow your sales rapidly, what investments might you need to make into your business to get there? Maybe you need to hire a coach, bring on some new team members, invest in marketing or advertising, or maybe you need to invest in some systems, but really think about what you need to invest in your business to support that growth. Are there any other goals that you want to set for yourself as well? Maybe you’ve got some personal goals. Maybe you want to set a goal that you aren’t working as many hours in your business. Maybe you want to set a goal that you are drawing boundaries around your work and that you no longer work on the weekends. Really sit down and think about what the goals are that you have for the next 12 month period of time.

Do your budget and do it NOW!

Now that you’ve got clear about where you are heading, you know what I’m going to say? It’s one of my favorite words. Do your budget and do it now. So a budget is your plan to get to your goals. It’s a breakdown of the sales that you want to make by month and a breakdown of the expenses that you are intending to incur each month. So why is this important? Because as you are looking down into a new period of time, you need to have a plan of how you are going to get to where you want to go. When you do your budget, you can work out is my business profitable? And I also believe there’s a correlation between the investments you are going to make and the revenue you want to bring in.

A budget is such a powerful way to map out where you were heading and how you were intending to get there. If you don’t know how to do a budget, go and grab a copy of my book, Intentional Profit, because at a high level, I talk about how to do it inside the book or come and join my course, The Profit Academy Foundations, you can jump into that course anytime, and I literally take you through the process of all of the basics of business finance, including how to create a budget. And I even give you a template for doing it. Doing a budget really is a game changer. I highly recommend that you do it at this point in time.

Identify who you need to be around to support you to your next level.

The last thing that I really suggest that you do right here and right now as we are coming up to that six month milestone is identify who you need to be around to support you to achieve your next level goals.

This is really important because as you all know, if you’ve listened to this podcast for a while, you become the people you are surrounded by. If your family, friends, maybe your partner aren’t really supportive, maybe they don’t get this whole business thing, that negative energy might rub off on you. If you’re sharing with them, I’m really excited, I’m going to invest in this thing, or I’m going to do this big thing or hit this goal, and they’re saying, are you? And maybe not giving you the support that you require, you might need to stop step back and think about how you can get in the right kind of energy. Do you need to hire a coach? Do you need to join a mastermind? Should you go along to some retreats or some business networking groups?

Something that is really important as you are looking to create success in your life is the energy, is the energy that you have and the energy of the people that are around you will have a big knock-on effect to your energy levels. So have a think. Who do I need to be around to support me to this next level of growth?

I do have a way that I can support you in this space if you are wanting to create really big things in the second half of the year and heading into next year, and this is through my mastermind, the Profit Master Mastermind. This community is a really high level community where I am your coach. I’m coming along to the calls, the community is there. We chat to each other through text and voice messages through an app called Voxer, and it is a really fantastic place to get in the energy of next level people who have big and ambitious goals. If you’d like to find out more about the Profit Master Mastermind, there is a link in the show notes for today’s episode, so go and click on that or feel free to reach out to me on social media and I can share a little bit more about what it will look like inside the Profit Masters Mastermind.

So we’re coming into a really pivotal part of the year. We’re approaching that six month milestone. And for some people who have a financial year coming up end of financial year like we do here in Australia, it is a really pivotal time. It’s we’re coming up to the end of a tax period, we’re starting a new tax period. And even if you’re not in some way that has a financial year, approaching the six month milestone is still a really fantastic time to stop, reflect, and reset.

So to sum up the actions that I shared in today’s episode:

1. Reflect on the past 12 months, both the quantitative and the qualitative metrics
2. Sit down and set your goals for the new year or revisit them for the new year or for the next 12 months ahead.
3. Revisit your budget, update it for the 12 month period, or if you haven’t got one, please go and create a budget now
4. Think about who you need around you to support your next level of growth as you come into this next 12 month period.

Thank you so much for tuning into today’s episode of the podcast, and I can’t wait to chat to you again next week about all things money. Have a fab week.