December Already? Preparing For The New Year
Regardless of how your year has been 2017 is just around the corner and we need to prepare for the New Year. So from a business perspective here are some simple things you need to do:
- Financial Preparation. The year end means you have to get everything ready for tax season and the legal requirements. For example if you hired contractors (1099) at all then do you have all of the correct information in place as you have to prepare your 1099’s and issue them in January. In addition the same goes for all of your employees and of course your year end accounts. For more information see our article posted last year. https://asgstrategies.com/year-end-checklist-for-your-business/
- Your plan for 2017. Do you have one? For example I want to double revenue in 2017. Great goal, however what are you going to do to do this? Increase prices, spend money on more marketing – and then which type of marketing? All of this needs to be evaluated. The old adage ‘plan you work and work your plan’ is true. So take the time to not only think about the goals and objectives for next year, but what steps you will take to achieve them.
- Team Buy In. Discuss the plan and objectives with your team. Everyone needs to know the objectives and goals, along with their role and individual goals that combine to meet the overall company goals.
- Incentives. The days are gone where ‘their pay alone’ is the goal. Today we need to incentivize everyone in some way, however don’t be afraid to have negative impacts as well for failures to hit targets. Often a net profit bonus is a great way to have everyone committed to the success of the company.
- Thank your team, customers, vendors and family for their support and help. A personal thank you goes a long way. Take the time to call, meet, visit or send them a card to express your gratitude for their support. Without them you have no business, so giving thanks and recognizing their contribution is important.
Oh and remember to have fun! Have a great December and get ready to rock 2017.