Setting Business Goals & Objectives for 2019

Aug 30, 2019

When it comes to running a business, ensuring you allocate time to assess your current goals and create new ones is pivotal to your ongoing business success.


Why? Reviewing your business as a whole allows you to gain a more expansive view or your business, your progress and how well your goals are being achieved.


More specifically, reviewing your business objectives and goals allows you to:


  • Scale in a more efficient way and timely way
  • Track and achieve your goals and the time each goal takes to accomplish
  • Optimise collaboration & assist with better teamwork efforts
  • Improve the overall understanding of your business direction
  • Help to determine the effectiveness of previous strategic efforts
  • Guide future strategies
  • find any bottle-necks in finances, operations and processes


Mid-year is a great chance to re-evaluate and reset your goals for the next six months. It will ensure you make the most of the remaining months 2019 / 2012 financial years has to offer. Your goals when done correctly can propel your business to new heights in a far shorter period of time. Your goals should also be reflected in your business plan as your objective.


Review your current situation first


Before you write down your goals, a good practice is to determine how your business is currently doing. You should determine areas your business could improve on and determine the priority of each area in relation to the direct effect each problem area has on your bottom line and your scalability.

Here are a few quick activities to help you get a better handle of your business’s current situation:


S.W.O.T Analysis: 


Identify your strengths, weaknesses, opportunities and threats. Another handy one is the shortened S.W.T to identify strengths, weaknesses and trends.


Competitive Analysis:


Researching similar businesses in your industry to compare industry averages on expenses, revenue, staff turnover, profits etc. which your business advisor can assist you with.


Now that you’ve got a better understanding of where you are in relation to the industry, your competitors and your goals, you can now get to work on the fun part – goal setting!


How to Set Goals


Not all goals are made equal, in fact, believe it or not, there’s a formula to create effective goals. It’s an industry standard and many business advisors will offer you this acronym to help you determine your goals. It’s called ‘S.M.A.R.T Goal’s. What’s a smart goal? It’s:


  • Specific. Meaning you’re clear on what you’re trying to accomplish.
  • Measurable. Meaning it has a value attached to allow you to recognise that you’ve achieved it.
  • Achievable. Meaning it’s not unrealistic or outside of your current financial, time and skill abilities.
  • Relevant. Meaning it ties in with the direction of your business and where you want it to go.
  • Timely. Meaning it’s bound with a due date in order to achieve the goal.


How to Achieve your Goals


Now that you’ve learnt how to set goals and made a list of your own business goals, you’ll need to create a clear action plan to achieve them. Why? Action plans break each goal down into smaller, more manageable steps. Here is what you should consider when you’re breaking down your goals into these action steps.


– Responsibilities
– Actions
– Timeframe


We call it the ‘Who, what, when’ chart, and it’s really that simple. Simply determine who’s responsible for that step, what actions they’re required to complete, and when they need to complete it by.


How to determine whether you’ve met your goals?

Implement a simple system to help you track and monitor your goals progress – like the who, what, when charting or a Project Management system for more complex tasks. Implement more catch-up meetings within small businesses or between departments for bigger businesses to realign with the mission and the goals at hand. Lastly, reward employees for taking initiative, achieving goals and contributing to the overall mission.

Design Financial Advisory are experts in their field, helping small to medium size businesses experience year on year growth. Please get in touch with our team today on 6263 9933 to see how we can help you grow.


This article is general information only. It does not give business, accounting, taxation, financial planning or other professional advice or service. It does not consider your specific situation, objectives or needs and if personal advice is required, a detailed analysis of your particular circumstances would need to be sought. Please see our Privacy and Disclaimers page for further information.

Related posts

When should you start planning for retirement?

16 Dec, 2021
If you plan on retiring at 65 years old, chances are you’ll need your retirement savings to last you around 15 to 20 years – at least. Saving for retirement can be daunting whether you’re still in the middle of your working career, nearing the end or already retired. The good news is, however old you are, there are always ways to create a more comfortable retirement for yourself. When should you start planning for retirement? The earlier you start planning for retirement, the better. Even if you think retirement is a long way off, it’s important to think about how much money you will need, what kind of retirement lifestyle you want to lead and how you can give yourself a head start. 40s and early 50s When you are in your 40s and early 50s, it’s easy to push your retirement to the back of your mind. Things like paying off your mortgage, sending your kids to school and looking after elderly parents can seem like more pressing commitments. However, taking time to plan for your retirement will make it easier for you in the long term. Good steps to take in your 40s and early 50s include: Do the maths and figure out how much you will need to live comfortably in your retirement. Don’t forget to factor in bucket list goals and travel. Sort out your superannuation. Remember if you are a business owner, you are responsible for your own super. You may prefer a self-managed super fund (SMSF). Get on top of your debt. Seek advice about ways to reduce your debt. For example, making extra contributions toward your mortgage. Consider making additional contributions to superannuation to help boost your retirement savings and reduce your tax e.g. salary sacrifice or personal concessional contributions to super. Sort out your personal insurance cover to ensure you have a safety net if you are unable to work due to a disability Illness or death. 50s and early 60s If you’re in your late 50s or early 60s, it’s not too late to start making a positive move towards a more secure retirement. This is a great time to work out a retirement plan and figure out how you want to transition out of work. Steps to take as you move towards retirement include: Make non-concessional contributions to boost your super. Consider a self-managed super fund (SMSF) to have greater control over your super. Look into a Transition to Retirement (TTR) pension if you want to reduce work hours without losing your income. Review your personal insurance cover to ensure they reflect your financial position. Over 65 years If you are already in retirement or considering your options, there are still some things you can do to make your retirement more comfortable. Considering that your retirement may last 20 years or more, financial decisions you make now can still impact your future. Things to consider if you are over 65 years old include: Get advice about what to do with your super – whether to take it out as a lump sum, start a super income stream or leave it in there. Review your investment strategy to better suit your retirement needs. Plan your living situation. If you sell your home, you may be able to contribute up to $300,000 to your super. Make sure you have the proper estate planning and that you have the right people stepping in for you to make financial and personal decisions on your behalf if you are unable. Planning for your retirement can be daunting, whatever age you are. Make sure you seek professional guidance and financial advice when making decisions about your future. The team at Design Financial Advisory helps busy business owners, working professionals and couples approaching retirement work towards a comfortable retirement that aligns with their goals.

Property and my SMSF

18 Oct, 2021
Directly held property makes up approximately 19% of all SMSF assets, indicating that many SMSF trustees consider it’s an important and significant part of a diversified portfolio. There are numerous strategies and ways for property to form part of an SMSF’s investments and each must be carefully considered. Investment strategy first! Before any investment decision, it is imperative and a legal requirement that you as an SMSF trustee must consider your investment strategy. Your strategy should detail such things as how much exposure you would like to the property market, the form of exposure and how appropriate it is for your current circumstances. A well-diversified portfolio is essential to provide income for retirement and spread investment risk so that any single asset class, such as property, does not dominate your SMSF risk and returns. Direct investment A common form of property exposure is direct investment into a property. This can be in the form of either a residential property or commercial property. When purchasing a property with an SMSF’s cash there are some important considerations that must be worked through including: Your asset allocation and diversification. Potential rental income and property expenses. How close you are to retirement and the need for liquid assets to pay pensions. Unless the property is a business real property (BRP) you or your related parties cannot use the property: If the property is BRP you may be able to work from the premises which is owned by your SMSF. You may also be able to utilise the small business CGT concessions and contribution limits. Limited Recourse Borrowing Arrangements (LRBA) SMSFs may also invest in property through an LRBA. These are complex borrowing structures which allows SMSF trustees to take out a loan from a third party lender. The SMSF trustee then uses these funds to purchase a property to be held on trust. The lender only has recourse to the property held in the trust – this is why the loan is “limited recourse”. An LRBA should only be utilised when it is the right structure for your SMSF on the basis of SMSF Specialist advice. Some very important considerations in addition to the ones above include: Can your SMSF maintain the loan repayments over a long period of time considering asset returns, interest rates, liquidity, and contributions caps? Evaluating set-up costs and structures. Is your property valuation accurate? You cannot use borrowed money to improve the asset or change the nature of the property at any time. Do you meet the strict bank lending requirements? Typically, lenders require the SMSF to have a minimum of net assets of $200,000 or more and for the loan to have a loan to value ratio below 70%. Indirect investment Another way to gain exposure to property for SMSFs is through indirect investment. This can include listed invested vehicles such as listed investment companies and exchange traded. Managed investment trusts are also a common investment for SMSFs to gain exposure to property. Investing indirectly may suit your SMSF needs more than a purchase of a property because it is relatively simple and most likely will not require a large amount of capital. It also allows your SMSFs to get exposure to large value properties such as office blocks, shopping centres and industrial properties that would otherwise be out of reach. Investing in these products should be accompanied by SMSF Specialist advice. How can we help? SMSF Specialist advisors can help you understand how the different forms of property investment may or may not be relevant for your SMSF portfolio and the impacts it may have on you and your fund. Please feel free to give us a call to arrange a time to meet so that we can discuss your particular requirements, especially in regards to what property investment would be most appropriate for your SMSF. For further information, visit the SMSF Association’s Trustee Knowledge Centre ( http://trustees.smsfassociation.com/ ) to keep up to date with different asset classes you can invest in within your SMSF, including property, and reach your financial goals. As always, the above information is general in nature and may not be suitable for your circumstances. If you require advice, give the team at Design Financial Advisory a call today on (08) 6263 9933 to discuss your needs.

Financial Strategies for the Sandwich Generation

18 Oct, 2021
The sandwich generation is a term used to describe people who are caring for their children as well as their aging parents. It can be a stressful and tiring position to be in, and can put strains on both your financial and emotional wellbeing. It’s important to get your own finances in order first so that you can be in a better position to help aging parents or children who are ready to leave the nest. Here are 6 financial strategies to help take the pressure off. Make a plan When looking after multiple generations, it can feel like you’re being pulled in several directions at once. It’s important to take the time to make a plan and consider your own financial goals before making any big decisions. When you’ve made a plan, you can feel more confident moving forward. Talking with a financial advisor can help you consider all your options and may even open doors you may not have considered. Understand your parents’ finances As your parents get older, they may need assistance with managing their finances even if they don’t need direct financial support. You should discuss things like their assets, debts and income sources, their living arrangement goals as they get older and estate options in case they can no longer manage their own affairs. Discuss with your family If you have siblings, it’s important to talk with them about how you will divide the responsibilities of caring for your parents. Keep in mind that not all responsibilities are financial. If there is an imbalance in how much support each sibling provides, you may want to discuss the option of repayment using your parents estate if appropriate. Involve your children If you have adult children still living at home, consider ways they could help the household financially. Discuss the option of them paying some rent or covering some of the weekly household expenses. This can be a good opportunity for them to learn financial and budgeting skills before moving out for the first time. Protect your income If you have two – or three – generations depending on you, it’s important to protect your income in case something should happen to you.  Your life and total and permanent disability insurance policy should be able to take care of your mortgage and any major life expenses to ensure you and/or your loved ones are looked after. Trauma (or critical illness) insurance can provide a useful injection of money to pay for medical expenses and provide continuity for supporting loved ones while you recover. If you’re not sure what coverage you need, speak with Lawrence Group about your priorities and ways to get the best coverage for your budget. Consider government assistance Research into government subsidies that you, your children or your parents may be eligible for. Centrelink is a good place to start for childcare subsidies, rent assistance and carer entitlements. Also check out My Aged Care website to apply for an aged care assessment. Seek professional help It can feel overwhelming to be responsible for both your children and your parents and it’s important to reach out for help if you need it. Getting professional financial advice can help you feel more confident and at ease going into the future. As always, the above information is general in nature and may not be suitable for your circumstances. Chat with the Lawrence Group team about how we can help.
Share by: