How the new financial year can boost your career

Well we’re in July already, and that means businesses are jumping into a new financial year. For a lot of us the new financial year does not really mean much more than the promise of an incoming tax return. But if you’re thinking of making moves in your career the new financial year can be full of opportunities.

Whether you’re looking for a new job, to climb the ladder or expand your skillset, a new financial year brings the budgets and strategies that will open doors. To help you in your mission we’ve covered the top 5 ways this financial year can help you boost your career.

Businesses have a new budget for pay rises

We start at the start, which is boosting your salary. For businesses, the new financial year starts on 1 July (2021 this year) and runs until 30 June (2022). They plan their budgets and strategy around this calendar, and it aligns with the federal budget and tax periods.

Now when it comes to salaries businesses will normally budget yearly increases in alignment with the financial year. This means if you’re looking for a pay rise, the new financial year is the right time to start negotiating. Not sure how? Check out our article on how to negotiate a pay rise at work.

New financial year means new projects

July first brings a fresh breath of energy to a lot of businesses as they start work on a bunch of new projects that are set to grow their revenue, product and service offerings. For the savvy employee this means plenty of opportunity to join projects that will help you develop new skills and experience to add to your resume. Be open with your managers and employers about wanting to progress your career this FY and ask to join a new area of work.

There is new budget for professional development and training

New budgets often mean new funding for professional development and training within organisations. A lot of businesses will have a set budget to help existing staff progress their skills and capabilities. Again, be open with your employers about your professional goals. It helps to be specific in what you want to learn and how. Asking early on means there is more likely to be a budget available to finance formal training.

Businesses will start hiring for the roles they need to execute their plans

These projects and plans to grow business all need more resources to execute, and any new roles that a business needs will be factored into their new budget. What does this mean for you? Well if you’re looking to step up in your career or make a career change there are plenty of new job roles coming on the market.

FAQ'S

Can a Business Plan Really Make a Difference?

A well-crafted business plan not only provides a clear direction for your business but also helps in managing resources efficiently, spotting new opportunities, and preparing for potential risks. It’s an essential tool for guiding decision-making and tracking progress.

How Often Should I Review and Update My Business Plan?

It’s good practice to review your business plan regularly, at least once a quarter. This allows you to adjust to changes in the market, customer preferences, and other external factors. Also, any time your business undergoes a significant change, it’s wise to update your plan.

Is It Worth Getting Professional Help for Business Planning?

Getting professional help can be incredibly valuable, especially if you’re new to business planning. Experts can provide insights and guidance on market trends, financial forecasting, and strategic planning that you might not have considered.