These are my 2014 New Financial Year Resolutions; given that it is Day 1 of the new financial year, here are my resolutions for my clients and some for myself. I'm in Singapore at the moment typing this Blog and here is my advice for you. What resolutions are you going to have this year? I think all of my clients need to follow these in the 2014 financial year:
1. Read "Lean Start-up" by Eric Ries;
2. Ditch the traditional "paper" diary and use a mobile device like the Galaxy Note 8.0 or an Ipad mini;
3. Don't set-up a Self Managed Superfund until you have spoken to me.
4. Learn how to use LinkedIn properly.
5. Do a 12 month Profit & Loss budget for your business. I know, it's boring, but so is having no money. If you don't know how to do one, I will show you.
6. Get Velocity - Speed and Direction. If you don't have Velocity this year, then you never will.
7. Start a Start-up business. Create a new business or a new division within your existing business that compliments your existing business or creates a new innovative spin-off. I'm sure your competitors are doing or are thinking of doing this.
8. Trim and Strengthen your business. I've said for a while now that Australia has not had it's GFC. I expect it in the next 24 months. It is already starting; Ford Motors closure, mines closing, 400 staff sacked from Target Australia, China's slow-down. Ignore the signs at your own peril.
9. Be disruptive. Don't expect 2014 to be the same as 2013. Throw out conventional wisdom and don't accept "It can't be done!" I hate people who say this. They're just too stupid to think of a way that it can be done.
10. Don't rely on the Government. It's like asking your bankrupt uncle for a loan and for financial advice.
11. Set a "Cash Withdrawn" goal for you business, the amount of cash you want to take out instead of put into your business this year. My goal is $150,000.
12. Ditch alliances or relationships that are not working or are abusive. Too many people are being used and abused in business. Reassess who you want to do business with, then ditch the rest.
13. Buy my new book when it comes out. Some of you will be getting it for free.
14. Have a plan for 2014. It's because you didn't have a plan, or the plan you had was a weak one, that 2013 was a bad year or not as good as it could have been.
15. Come to one of my SSS Events. If you do, you won't look back, other than to smile at those you have left behind.
16. My Favourite - Don't listen to anyone giving financial advice unless they have a net worth (assets - liabilities) of at least $2million. The rest don't have the right to open their mouths!
I wish you all well and Happy New Financial Year!
Matthew N Snelleksz, CPA.