The end of Q4 is a busy time for many businesses. Not only are you rolling full speed ahead into the end of the year, but you’re beginning to think ahead to a new calendar year filled with new opportunities to grow stronger and (if it’s your goal) bigger. As Benjamin Franklin said, “failing to prepare is preparing to fail,” and that statement rings as true today in business as it did when he first spoke the words.
Too often I see businesses scrambling at the end of the year due to a lack of preparation, and scrambling is the last place you want your employees to be. If you’re not already planning for the coming calendar year, here are the primary steps you’ll want to consider in the process.
Before you make a single decision about next year’s operations you must collect all of the pertinent data so that you can analyze it properly. By now you should have systems set up in your company to efficiently collect and report this data. If not, I highly recommend investing in reporting technologies that help you achieve your reporting needs and reduce user error.
The reports that you create will be used as a road map to help you set your goals for the upcoming year. But, before we move to goal setting there are some other considerations to make. Do you love your health insurance policy? Are your shipping costs cutting into your profits? Use the data on hand to take a close look at the resources flowing in and out of your business so that you can determine where you can make changes to set your team up for future growth.
Tax Day sneaks up on the unprepared! Fortunately, all of your financial reporting we discussed above is an excellent first step in the process. Whether you have a large corporation with an in house accountant or you hire a firm to file your taxes, get a jump start on the process by scheduling an appointment with your tax professional.
Now that your reporting is complete and your taxes are being prepared you can begin the exciting process of setting new goals for the coming year. All of the work you’ve done so far provides you with the foundation you need to make wise and informed decisions. Setting goals like “cut costs” and “increase revenue” won’t cut it. Dig into the data and do the research to set creative goals and determine exactly how you’re going to achieve them. Some examples are:
Your company’s goals ought to be specific, tailored, and based on the research and data collection you’ve completed.
This next year of business holds a great deal of potential for your company. Your preparation today positions you to end next year in an even better position than you find yourself in now.
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