Eventing as a sport or business is an expensive undertaking. The new financial year is a good time to set goals, review your vision of success and put in place systems to improve your financial management.
Review your vision of success
Take a good look at your equestrian business as it stands and where it can go in the future. What are the opportunities for growth? What can be improved upon? How could you optimise your current business, or create new products or services for your current customers?
Set your goals for 2015/16
Each year you no doubt set goals for your riding career and each of your horses – now it’s time to set your financial goals for the coming year and create budgets to be reviewed regularly. This will help to prevent cash flow problems from occurring and ensure your business is organised and capable of achieving growth.
Review your staff/support team
People are at their most productive when they feel valued and acknowledged, so reward your team for achieving their objectives with inexpensive but thoughtful gifts or treats. This is also time to face up to any areas or people that are not contributing as they should and review how it can be best addressed rather than let it continue
Stay on top of your paperwork
It may be boring but it is essential - having an organised system for paperwork, event entries and invoices can make life so much easier if you just take the time to create the system now. Go through all paperwork to get in shape for the new financial year and stay on top of it throughout the year rather than letting problems build up.
Thank your owners/sponsors/clients
Often this is done at Christmas time so why not surprise them with a special thank you mid-year?
Keep abreast of what is happening in the industry
Knowledge is power, and keeping track of who is doing what helps you to stand out in the crowd. Keep abreast of news and developments and take note of any new trends. This will give you the knowledge you need to refine your competitive advantage and achieve growth for your business.
Take time out and celebrate your success
Take time out of your busy schedule to enjoy and reflect on your successes along the way, as life is never easy. Taking a short break allows you to renew your energy and focus for the year ahead.
For some more business tips for equestrians, check out Anita Marchesani’s articles on AEL
Marketing your equestrian business
