Falling back into old habits: A business owner’s reflection on the new financial year
The beginning of a new financial year for business owners is synonymous with the birth of new resolutions, goals, and the promise of change. We all start July with a laundry list of aspirations: saving the world, saving the dolphins, revolutionising our business practices, and setting our sights on unprecedented growth. However, as the mid-year mark passes, a familiar pattern emerges, revealing an uncomfortable truth about human nature and the challenges of implementing change.
The Noise of Life
In the life of a business owner, the new financial year enthusiasm is often quickly dampened by the reality of our day-to-day operations. “The noise of life gets in the way,” as I like to put it. Unexpected resignations, client issues, and a myriad of other distractions pull us in different directions, sidelining our well-intentioned plans. These disruptions are a stark reminder that while we may not like change, change itself is indifferent to our preferences. It’s hard, demanding, and often requires us to confront uncomfortable truths about ourselves and our businesses.
Why Change is Hard
The reason many of us abandon our resolutions by August is not solely due to external distractions but a fundamental resistance to change. Change forces us to hold a mirror up to ourselves, questioning our habits, processes, and sometimes the very essence of our business models. It requires a concoction of pain, dissatisfaction, the will to change, and a clear understanding of what we stand to gain—elements that must collectively outweigh the comfort of our current state. This equation for change is seldom satisfied by mere desire; it often takes a significant life event to catalyse real transformation.
Reflections from a Business Perspective
From the perspective of running a business, embracing change means making tough decisions. It might mean discontinuing a product line, changing software platforms, becoming more fiscally diligent, or investing in team training. It means acknowledging that the responsibility for change lies with us, the leaders, and not external circumstances. Despite understanding this, come August, an overwhelming majority of us find ourselves slipping back into old habits, underscoring the perennial struggle against the inertia of the status quo.
July as a Time for Reckoning
Thus, July should serve as a reminder rather than a checkpoint of failure. It’s a time to reassess and ask hard questions: What goals have we set aside? What’s obstructing our path? How do we redefine success and align our actions accordingly? It’s about revisiting the “premiership goal” of our business and asking whether we’ve clearly defined what success looks like 12 months down the line. Have we shared this vision with our team? Are we making strides towards it, or are we letting the noise of life divert our focus?
Charting a Course Forward
As a business owner, I’ve set ambitious profit goals for the year, goals that demand significant changes in both my personal approach and our collective efforts as a team. Achieving this will require more than just identifying our break-even point; it demands a clear vision of what success entails and the steps necessary to reach it. Like a football team eyeing the premiership, our businesses need that same level of clarity and commitment to our end goals.
Embracing July’s Challenge
Let July be not just another month in the cycle of failed resolutions but a period of introspection and realignment. It’s an opportunity to confront the reality of change, to reassess our goals, and to recommit to the journey ahead with renewed vigour and clarity. The path to change is fraught with challenges, but it’s also the only way to achieve the growth and success we envision for our businesses.
In the end, the true measure of our resolve isn’t in the goals we set at the financial year’s start but in our ability to adapt, persevere, and realign our actions in the face of July’s reality check. Let’s embrace the challenge, for in doing so, we open the door to transformation and lasting success.
James Marshall
