Happy New Year and welcome to the first blog of 2024. We hope you had a good rest and break during the festive season and enjoyed some quality time with friends and family. Many of you will now be looking at starting the New Year off right.
For this reason, January is a popular time for many to make New Year’s resolutions. Recent research from Forbes suggests that almost 30% of us will be setting some resolutions for 2024. What’s more, setting financial goals is in the top five.
Among the top ten financial goals (according to The Times Money Mentor), you will normally find the following:
- Save or plan for retirement.
- Paying off debts
- Building a savings pot
- Start a small business.
- Achieve financial security.
To achieve any goal, it is important to establish a clear plan. Starting the New Year off right is a great start but it will need more than that if you are to achieve your goals in 2024.
Most of us have goals, even if unwritten, as we know why we do what we do. We also understand that merely establishing a goal is not enough.
A Goal Without a Plan is Just a Wish … Antoine de Saint-Exupery (author of The Little Prince)
There needs to be a well-structured plan to accomplish your objectives. If you manage a business, keep in mind that most business objectives are the ones that correspond with your personal goals and assist you in achieving them.
So how can you make sure you make 2024 the year that counts?
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Revisit your overall objective
This is your WHY. Why did you go into business or buy that investment property? What do you want to achieve?
Finding your WHY need not be as hard as you might first think, you just need to be honest with yourself. For many of us, it could be as simple as providing a comfortable standard of living and then retirement. In other words, providing financial security.
Or it could be to do something more idealistic such as say working in sustainability. Whatever it is, it’s your WHY. What you need to ask now is, is it still relevant? Do you still want the same things when you first started?
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Revisit the WHY
You may have not revisited your reasons for doing what you do in a while. Many of us get so caught up in our day-to-day tasks that we forget to take a step back and look at the bigger picture.
Now is as good a time as any to take a second look.
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Create an Action Plan
You may be aware that most New Year’s resolutions fail due to a lack of accountability. While setting goals is easy, achieving them requires commitment.
A lot of people have a clear goal in mind but struggle to create a proper action plan for achieving that goal.
According to Forbes, creating an action plan can be made more effective by being creative and using tools like crayons and markers. This creative approach activates a different part of the brain and helps to solidify the goals in your mind.
So, don’t be afraid to have some fun with it! Draw, scribble, write, and share your ideas.
This way you can set out a clear and effective plan to achieve your goals.
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Put your plans into action
Break down your next steps into milestones. A clear step-by-step guide is essential.
Visualise both opportunities and obstacles.
2024 may not be smooth as issues from 2023 persist, such as high inflation, higher interest rates, skill shortages, and global conflicts.
There is also the potential for a new government later this year, which creates uncertainty.
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Work with someone else
It can be challenging to hold yourself accountable for the goals you set. When other pressing matters arise, it’s easy to lose focus and forget about what you aimed for.
What if you had another person to answer to, such as a business partner you didn’t know you had? Imagine if your accountant was genuinely invested in your success, interested in your goals, and dedicated to helping you achieve them.
Would having someone to discuss your goals with, establish a plan to achieve them, and provide guidance make accountability easier?
If you think you want someone by your side and someone who will make sure you stay accountable to your goals, get in touch.
If we are already assisting you with your finances, why not allow us to help you with your goals and aspirations? It’s important to stay on track and know where you’re headed.
Let us assist you in ensuring you remain on the right path towards your desired destination. Call or email your normal manager and we can get started on the journey.