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This is the perfect month to set up for even more success and growth than the previous year. By evaluating past projects and accomplishments, you can create an actionable plan for your business. But before that, there are a few things you have to get situated.
Check out these three tips to ensure your business is ready to take on the new year with success.
1. Organize the financials
Get your books together because tax time isn’t too far off. You must get all the financial reports, invoices, and receipts ready for our favorite Tax Man. If you’re unprepared, you may face unexpected fees and have some uncomfortable conversations later on.
This month, gather all your financial information. Make sure every report, expense, and fees add up. If the information doesn’t line up or documents are misplaced frequently, change up your system. You can use online payment systems to keep track of invoices, expenses, and total income.
An automated system frees up your time while also keeping everything you need in one easy to find place. It also makes it easy to monitor progress over the months. You can make note of the slower months and prepare to accommodate those dates this year.
2. What about the dream team?
Your company is only as good as the team running it. Take this time to reflect. Think about whether the current team is everything you need to reach your goals. Should you expand? Do you need a new department? Will bringing on a new member disrupt the synergy of the current team?
Also chat with your team. Ask them how they’re feeling. Are they satisfied with the progress from the previous year? What are their suggestions for growth this year? Facilitate open dialogue with your team and take their feedback. Study it. Then consider how to implement it into your upcoming business strategy.
3. Get ready to soar
Every business owner wants to expand their growth, especially when it’s a new year. But wanting growth isn’t enough. You must create an action plan and follow the steps for true results. But how do you develop the perfect plan?
First, examine your progress from the previous year. Create a list of successful projects and all the steps it took to get there. Search for similarities between different projects and see if these similarities can be replicated as a recipe for success.
Additionally, now is a great time to do a SWOT analysis. By highlighting your Strengths, Weaknesses, Opportunities, and Threats (SWOT), you uncover advantages that are unique to your company. Putting those strengths and opportunities into effect, while also minimizing threats or weaknesses that could prevent growth, help you build a strong foundation for success.
Obviously, all of this takes work. You won’t just magically know the answers to success without assessing your past successes and failures. Even if you don’t have the time for this, there are people who have spent years crafting their skillset to help companies just like yours fix their problems. They’re called business analysts, and a good one will essentially pay for themselves after you see their results.
You may also realize cuts have to be made. Certain projects have to go. Funding for other projects needs to be shifted. And maybe, a few employees have to be let go. It’s not easy, but if it’s necessary to move forward, then the choice is simple.