5 Tips to Prepare for the New Fiscal Year
For the public sector, the fiscal year ends June 30, 2021. While your organization is finalizing all reports and documentations, it is also a good time to prepare for the new fiscal year. Here are some practical tips to get ready for FY21.
Get the right people involved
To run a smooth planning process, the right people need to be involved in the conversation. This includes the full executive team, department directors and processors, revenue coordinators, strategic planners, and much more. An inclusive model of planning can bridge the connections between different departments and hierarchies. It is strongly recommended that organizations encourage inter-department meetings and collaborations.
Optimize your timing
In order to prevent employee burnout and stress, it is important to optimize your timing and plans to ensure that your reports are completed on time. While planning late can provide more data available to you and can give more accurate projections, you will not have enough time to make clear and effective decisions for the following year.
On the other hand, starting early can make it difficult to project new elements going forward, but you will have more time to evaluate and compress your data, and therefore provide space to create more effective decisions. These are major considerations your organization needs to evaluate when formulating a plan for the new year.
Gather accurate data and make projections
It is incredibly important to start by analyzing accurate data when making projections such as your next year’s budget.
According to Harvard Business Review, organizations “should shift the focus from financial precision to strategic success. And they should plan faster and more frequently: Set bold, challenging objectives and then adjust plans to incorporate valuable lessons learned along the way”. This type of planning allows businesses to take small risks while remaining agile in its ability to pivot to a different direction when necessary.
Communicate clear decisions with your team
Getting your team in the loop on your business strategy and plans can be incredibly helpful in achieving your business goals. At 9Dot Education Solutions, a human resources solutions agency, the organization makes strategic goals together and gathers brainstorming ideas from all levels of the team.
This provides clarity for your team so that everyone is on the same page. After determining your direction and goals, you can start to monitor the progress within your tea towards those objectives.
Prepare to execute, monitor, and adjust
Great organizational leaders understand the value of effective execution and monitoring. This includes evaluating the data that your team presents, understanding the tools and processes that your employees use, and adjusting accordingly.
Some examples can include holding monthly budget meetings, investing in a revenue tracking system, and detailing your data to a specific target.
While the planning process behind this can seem daunting, each of the aforementioned elements can help build a stronger team and bridge any gaps within your company.
As organizations navigate the new year, especially after the pandemic, it is important to maintain effective communication with all members of your team and provide the assurance of a unified plan moving forward.