Every business owner can and should go through this short list before wrapping up 2018!
1. Access Your Books
Bookkeeping should be at the top of your list. Carefully examine all your financial reports and diligently evaluate its status (ups or downs). Hint: If you had problems preparing and assessing your bookkeeping this year, then get busy. Many smart business owners use an online payment solution offering Invoicing and Expense Management tools (such as Quickbooks) that automate your books and keep you focused on business growth.
2. Convene Your Team
The end of the year should be a time for reflection. As things wind down this year down make sure you take the time to engage your entire team. Set up one-on-one chats or group discussions to solicit valuable feedback. Be sure to include every single person and request their input. Doing so builds a stronger more engaged team in the long run.
3. Prepare for Growth
Every small business owner wants to grow, but doing so requires serious, honest consideration of where your business is lacking and what strategies will produce the biggest ROI in the future. Also evaluate those on your team who are keepers and those who should be gone. While not easy, you are in a planning mode and new talent generally helps move the company forward or at least offers welcome or new perspectives.
4. Upgrade Technology as Needed
One thing is constant today – innovation is roaring. Keeping up with the latest innovation can daunting, but there isn’t any avoiding it. If you aren’t state of the art and your prospects or customers are, you won’t have the bandwidth to keep up with the industry ... and certainly, your customers. Usually when you lose a customer it’s because they were more innovative than you are, and they felt you could not keep up.
The good news is that adding the new technology every year expands your bandwidth but it may also increase your costs by replacing your old technology with new equipment, tools or systems.
Consider a quick check to see if you’re existing technologies are up to speed. Below are a few tools you may want to check out before going into the new year:
- Slack provides seamless and affordable team communication on shared projects.
- Dropbox is great for file-sharing and recently released Dropbox papers which provides a
Google Drive style collaboration tool.
- Buffer is a social media marketing application that lets you schedule posts from your social accounts (Twitter, Facebook, Instagram, and LinkedIn) plus analyzing their results and
engage with their community.
If you plan to be successful next year, following these easy steps will help you prepare your team to participate in looking forward and most importantly, participate in it. Going through these process builds teamwork and confidence that the new year will likely bring promise and new beginnings.