Take Stock: Start, Stop, Keep

I was at a conference recently where I was reminded of a very simple exercise that I have heard a number of times over the years: What should I start doing? What should I stop doing? And what should I keep doing?

It’s certainly not a new idea, but sometimes we need to hear these things again at the right time for them to resonate.

We are all busy, and it’s very easy to keep moving from one deadline, commitment or priority to the next without taking the time to step back and ask whether what we are doing is actually taking us where we want to go.

The conference was a timely reminder to me of the importance of taking stock, reflecting on what is and isn’t working, and correcting course when we need to. And it struck me that the same approach can be just as useful when thinking about our finances and businesses.

So perhaps it is worth asking yourself three simple questions:

What do I need to start doing? Maybe it’s making some additional repayments on the mortgage or business debt, even if you can’t pay it off as quickly as you would like. Perhaps it’s increasing your super contributions by an amount that is comfortable, finally starting that succession or retirement planning, or simply making time to understand your financial position a little better.

What do I need to stop doing? Perhaps it’s putting off the BASs that still need to be lodged, carrying debt that deserves a closer look, making financial decisions without a clear plan, or continually putting something in the “I’ll get to that later” basket.

And what should I keep doing? This one is just as important. We can sometimes be so focused on fixing what isn’t working that we forget to recognise what is. If you have good financial habits, a business strategy that is delivering results, regular conversations with your advisers or disciplines that are moving you in the right direction, keep going.

You don’t necessarily need a dramatic change of direction. Sometimes taking stock simply confirms that you’re on the right path. Other times, it highlights an area where a relatively modest change could make a real difference.

A proud moment for WSC Group On the subject of taking a moment to reflect, we were incredibly proud recently to be recognised as Firm of the Year at the Count Equity Partner Awards.

Awards are lovely to receive, but for me, this one is really about our people and our clients.

We have a great team who genuinely care about what they do and the people they do it for. I am enormously grateful for their commitment, expertise and the care they show our clients every day.

And we are equally fortunate to have fabulous clients who trust us to support them through important decisions in their businesses, their finances and their lives. We never take that trust for granted, and the relationships we have with our clients are a very large part of what makes WSC Group the firm it is today.

So, as we move towards the end of another year, perhaps take a little time to pause and ask yourself:

What do I need to start doing? What should I stop doing? And what is already working that I need to keep doing?

You may already know the answers. And if you don’t, sometimes a conversation with someone who understands your circumstances is a very good place to start.

Disclaimer: This article is intended to provide general information only and does not constitute financial advice. It is based on publicly available guidance from the Australian Taxation Office (ATO) and other regulatory bodies. Before making any decisions regarding your superannuation or SMSF, we recommend seeking advice from a licensed financial adviser or SMSF specialist who understands your individual circumstances.