As the end of the financial year (EOFY) approaches on June 30, it’s a critical time for businesses to balance their books and a unique opportunity for individuals to reassess their life choices and set new goals.
Renowned Australian life coach and executive mentor Jacob Galea, CEO of GCORP Advisory, shares his insights on making the most of this period to work better and smarter in the upcoming financial year.
Why EOFY is the Perfect Time for a Life Audit
The EOFY is a natural checkpoint for reviewing the past year’s achievements and shortcomings. “Just as businesses conduct financial audits to ensure their operations are on track, individuals should use this time to conduct a personal life audit. Reflecting on what worked and what didn’t, can pave the way for setting new, more aligned goals,” Galea said.
How Business Owners Can Make the Most of EOFY
For business owners, the EOFY is not just about taxes and finances. It’s a strategic moment to reassess business operations, employee performance, and personal leadership styles.
Galea suggests, “Taking stock of where your business stands and identifying areas for improvement can set the tone for a more productive and fulfilling new financial year.” He advises business owners to leverage this time to strategise and implement changes that can lead to significant growth.
New Financial Year, Same You? A Life Coach’s Tips for Becoming Unstuck
Many individuals find themselves stuck in a routine, making achieving personal and professional growth challenging. Jacob Galea provides practical tips for breaking free from stagnation:
Set Clear Goals: Define what success looks like for you in the new financial year.
Prioritise Well-being: Incorporate wellness practices into your daily routine to maintain balance.
Embrace Change: Be open to new opportunities and ready to adapt.
Seek Support: Consider working with a coach or mentor to stay accountable and motivated.
Thinking That Leads to a Million-Dollar Year
Jacob Galea shares, “The first rule of business is to stay in business. What will you do in the next financial year to avoid standing still? What is your thinking that leads to a million-dollar year?
“People often say, ‘If you don’t monetise it, you don’t get to keep doing it—it stays as a hobby.’ So, how do you monetise your idea and take it to the next level?”
Galea emphasises the importance of strategy and execution: “Understanding the right steps and implementing them effectively can transform your goals from dreams into tangible success.”
Transforming Goals into Success
One of Jacob Galea’s clients, a small business owner in Brisbane, has been using Galea as a mindset coach for the past three years. In the first year of being mentored by Galea, the business increased revenue ten times. “Realistically, I don’t know why you wouldn’t use a mindset coach. Even the best in the business have external support to make them better. Coaches help you see things differently and to make sure they open your blind spots. They help keep you focused and pointed in the right direction,” he said.
Industry Insights: The Growing Demand for Life Coaching
The global coaching industry market size was worth $5.34 billion in 2023 and is estimated to grow to $6.25 billion in 2024. With over 109,200 life coaches worldwide, this represents a 54% increase from 2019. Notably, 43% of people have used a life coach in the past, and 22% are likely to use one in the future, highlighting the increasing reliance on professional coaching for personal and professional growth.
“Starting the new financial year with a fresh perspective can significantly impact your productivity and overall happiness,” said Galea.
This article was developed in collaboration with Jacob Galea a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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