The end of the year is an important milestone for a business owner. For one thing, we can proudly say we made it! So many businesses fail, unfortunately, yet here we are, beating those odds. As we celebrate our successes, we want to make sure that our businesses are ready to go into 2020 strong and prepared.
I have a few thoughts for you to help you make sure you are ready for the new year:
1. The House. First, clean house. Archive records that you won’t be accessing much this upcoming year, and shred those from years past after you have gathered all the information from them you may need.
2. The Numbers. It’s time to look at all your KPIs. You know the drill: revenue, profit margins, and trends. Document everything you find for future reference. What worked? What didn’t? Your KPIs will tell you the story. An impeccable record of your history is the best way to get ready for the new year.
3. The Taxes. Every person you employ or contract is going to need their paperwork, and by law, that paperwork needs a postmark before January 31.
4. The Laws. Laws for small businesses will take effect on January 1, so you will want information on anything that is going to directly impact you. Being compliant will help you avoid penalties. Get in touch with your attorneys and your CPS to gather this most vital information.
5. Your Goals. What do you want to achieve next year? Get ready for the new year by setting business goals. Keep in mind that a goal is a bit different than a resolution; you keep a resolution but you achieve goals.
6. Your Team. Share your strategy with your team, and your mentor, if you have one. (If you don’t have a mentor, that’s another goal I would love to see you set for yourself in 2020.) Get everyone together in a planning and strategy meeting to get everyone’s input for the coming year.
As a small business owner myself, I am taking this time to look back and ask myself a few questions. Was 2019 all I hoped it would be? Am I living my entrepreneurial dream? Did I achieve my goals or a decent amount of them? I’d love to hear your business stories, too.
I’m Anna-Vija McClain, and I am dedicated to helping business owners achieve their goals and dreams.