1. Accomplishments: Make a list of all your companies’ accomplishments throughout the year and then share them with your co-workers and staff. Remembering and appreciating what troughs and triumphs you have been through sheds light on what you and your staff are able to do.
2. P & L Digestion: Analyze where your company stands now rather than after the first of the year by looking at your profit and loss statement. Doing this allows you to: a. look ahead and finish your financial planning before 2017 actually begins and b. if you are fortunate enough to have more profit than expected you may want to consider a major purchase that can be depreciated. Talk to your CPA on depreciation rules and tax advantages.
3. Clean Up: Sort through your contact lists, emails, and databases and pick out who have been: a. the most beneficial to you, b. the most aggravating to you, and c. the most unresponsive and inactive to you. Once your three lists are complete, act on them.
4. Back Up Files: Assemble all of your client information, financial data, marketing content, and other files from throughout the year and compile them into a single folder dated with the year. Send a copy to a cloud backup such as DropBox, keep a copy on an external hard drive separate from your computer, and keep another copy on your computer’s hard drive. It would be detrimental to lose all of your information and would be hard to recover from such a loss so make sure you back it up!
5. Craft a Budget: Total your income sources, determine your fixed costs and variable expenses, and include your profits or cash flow so that you can figure out whether you have any money left over for capital improvements or capital expenses. There are many reasons why you need to create a budget (especially before the new year starts), but the bottom line is so that you know much money you have, how much you need to spend, and how much you need to bring in to meet business goals.
6. Plan for the New Year: Schedule a strategic planning session with your leadership team, board of directors, advisory council, consultants, advisors, and staff to help plan out the upcoming year. Within this meeting, discuss what targets you want to hit, what markets you want to reach, what innovations you want to implement, and where you want the company to be in the near future. Encourage feedback from everyone because goals are more achievable when everyone is involved sharing the same vision.
7. Abandon Your Fears and Start Now: Create a practical to-do list for the first week of January, book and confirm your meeting schedule through at least the first quarter of the new year, and totally leave all of your doubts behind. Taking the first step is the hardest so don’t let the unknown of a new year paralyze you. Be confident that this next year will be the very best year that your business has ever seen. The more belief and confidence you have, the less fear and doubt will be present allowing you to be more successful than ever.
Written By: Andrew Miles, ABI
For comments, questions or concerns contact Andrew@BridgeMergers.com or (704) 779-2177
Bridge Mergers and Acquisitions, Inc.