I'm Amy Geach, and in this episode, I'm diving into five essential annual tasks that every practice owner should be on top of. Remember, while these tasks are crucial to complete at least once a year, there's no harm in checking them more frequently.

The first thing to note is... annual tasks can sneak up on us. We've all been there—suddenly, it's time to renew insurances or send information to the accountant. These tasks can be larger than expected and cause stress if not prepared for in advance.

To stay ahead, I recommend two diary entries for each task—one for when you'll do it and another for reminders leading up to it. This helps avoid the rush and potential errors. If you have a team, delegate tasks but keep track of them. Ensure you're not caught off guard by staff changes or absences.

So here are my key annual tasks for you to consider - they might not all apply, so choose the ones that relate to you.

The Five Key Annual Tasks:

• Insurances: Review your coverage amounts and update any necessary information.
• Stock Take: Count your stock by June 30th and report the value to your accountant.
• Check Stock Prices: Annually review what you pay for stock and adjust client prices accordingly.
• Employee Wages: Verify that staff wages align with award rates and account for work anniversaries.
• Success Factors: Annually assess metrics like income-to-wage ratio, net profit, growth rate, retention rate, referral sources, and client acquisition costs.

Don't let important tasks slip through the cracks. Set reminders to ensure everything is done on time and without error.

Here are some action steps I recommend for you:

• Identify your own key annual tasks.
• Schedule time in your diary to complete each task.
• Set multiple reminders leading up to each task.
• Consider delegating tasks where appropriate, but maintain oversight.
• Review and adjust your practices based on annual assessments.

Thanks for tuning in! I hope these insights help you manage your practice more effectively. Stay organised, and I look forward to sharing more tips with you in the next episode.