What a difference an EOFY deadline makes – Periodisation at its best!
Have you found that during the last month of your financial year there is more focused activity towards meeting annual budgets and KPI’s?
What is different? The end of financial year is just a line in the sand. But everybody buys into it, don’t they. It is a deadline that creates urgency. And this urgency means that we are focused on the most important activities – we are doing the stuff that really counts. Energy is high, there is less procrastination, and blocks are addressed. And we look forward, with anticipation to the new year – a fresh start!
So why not have an EOFY every 3 months? If big goals are kicked during this deadline driven environment at year end – then why not replicate it during the year. We become more focused, more productive, more inventive and get to celebrate the new year 4 times a year.
And have you noticed that, when you have a bad month early in the year it doesn’t seem so significant because you have plenty of time, another 10 months or so, to make it up.
What a waste! And what is going to change? Why do we think that we are going to perform above current levels in order to catch up if we are not doing it now? This is a mindset which I have found is often the precursor to poor full year results – the underlying belief that there is enough time to catch up – the urgency hasn’t kicked in and we are kidding ourselves!
If we don’t have 10 months or so to catch up then this reasoning is invalid. If we have an EOFY every 3 months then having a poor month really isn’t an option.
Then there is the “what’s the point” mentality that occurs when annual budgets and KPI’s seem impossible to reach.
The team gives up and becomes even less effective. This can occur 3 months (or more) out from year end and this lack of achievement can become very demoralising. The team can’t wait for 1 July when the slate gets wiped and a new story begins. What a waste – so much time spent (and never to be regained!) at well below potential.
With an EOFY every 3 months, you get to start again more often – a new “year”, a new budget, new KPI’s, new energy! You get to take time to celebrate your progress and your wins and to reset at least 4 times each year.
Warning!! This is not just about breaking your annual plan down to more “doable” chunks – it is a mindset which must become part of the way you do things.
Your language, your thinking, your actions must all align with the new belief that there are 4 EOFY’s each financial year. Or that your years are now 12 weeks long not 52! It won’t work if there is an underlying belief that 30 June is the actual deadline and this is when the results that really matter are measured. Once installed into your culture the 3 month year creates a heightened sense of urgency and an increased focus on the critical activities which drive results and fulfilment.
Don’t wait until 30 June to change to your 3 month year – it can be implemented at any time.
Businesses we are working with to create their 12 month plans, will be starting their first 3 month year from the 1st of the next quarter – the longer you wait the more time passes, the more opportunities you are missing.
You may even choose for 30 June not to be one of your year ends for your business – to take that arbitrary line in the sand out of contention.
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