Business owners, it’s that time of the year again. No, not the time when you rush out on Christmas Eve to buy a gift for that extra guest that made it to your party (whose cousin is that again?). We’re talking about going over your end of the year business checklist. Here are the top 3 things to do to end the year with an orange bang!
- Evaluate Your Team: now is the time to go through your starting lineup and cut/give feedback to anyone not performing to expectations. We know what some of you are thinking: What? But it’s the holidays! Yes, but it’s your business. It’s equally important, however, to reward your superstars and top performers. They’ll feel good. You’ll feel good. And that’s what the holidays are about.
- Go Over Your Numbers & Set Goals for Next Year: What! I already have to start thinking about next year? Absolutely. It’s important for you to consider: what did I learn from our performance this year? Based on this experience, how can we grow next year? Now you can take that knowledge and get to the drawing board (or your kitchen table; that works too) so you can start setting goals and targets for the next year. At this point, it’s vital that you give a thought to securing the resources you’ll need to meet your goals for the next year. Perhaps most important of all…don’t lose focus if/when you realize you don’t have enough resources to hit your goals. Keep pushing as best you can!
- Talk to Your Finance Team to Close Your Books: now’s the time to make sure that everything is in order to report your taxes (everyone’s favorite subject, right?). If you don’t, you will be delaying any financing opportunities you may want to consider to achieve your goals. Also, secure all your tax savings while making sure your books are in proper order to get debt financing. And one last thing to keep in mind: if you’re underreporting, it’s going to hurt your chances of getting a loan and growing your business .
One final thing we recommend is to back up all of your files (just in case the chupacabras hacks your computer) so you can sleep sound knowing everything is backed up. That’s it!