As the end of financial year looms, the air is frantic as leaders scramble to cross a multitude of tasks off their checklist before 30 June. There are budgets to close off; employee performance reviews to complete; EOFY sales to arrange; progress planning to finalise for the year ahead; lessons from training sessions to incorporate; proposals to draft, and Board Members and Shareholders to communicate with.
Is it any wonder time is short and business leaders feel under the pump as the financial year draws to a close? While many leaders rise to the occasion, the additional pressure at this time of the year seems to trigger ill-informed decisions and poor choices from others.
According to Deloitte Insights article Does Scarcity Make You Dumb?, lack of time and resources can have very real and detrimental effects upon decision-making ability. The authors discuss the science behind the “scarcity-mind set”, and with time always in short supply at this time of the year, this is certainly something that could be affecting many leaders and negatively impacting their performance and decision making.
How to embrace the end of financial year and prepare for the next
With the right planning and mindset, the end of financial year provides an excellent time to take stock of your business and consider lessons of the past to inform the success of your future.
Leaders who embrace this time of year as an opportunity for growth and prosperity make time to:
- Reflect
- Restock
- Reject
- Rest
How does your checklist stack up? How will you manage EOFY to make your life, and the lives of those you lead, better?
