2-minute read – It feels like we were ringing in the New Year just yesterday, and now 2023 is quickly drawing to a close. As we gear up for the Holiday season, addressing some crucial tasks that can set your company up for success in 2024 is essential.
Forget Spring Cleaning…What You Need is Fall Planning!
Eight weeks today is January 1st, 2024. Can you believe that? I can’t.
But as we rocket toward year end, there are several vital areas that warrant your attention as a business owner. Whether 2023 has been filled with big wins, large challenges, or perhaps a mix of both, here are my recommendations for your year end business planning. These steps are what you should prioritize before year end to set yourself up to Flourish in 2024:
Meet with your Accountant
As your financial partner, now is the ideal time to meet with your CPA to discuss tax strategies that should be implemented during the remainder of this calendar year. This exercise will give pause to look at the company’s financial status for the year, as well as get an estimate of tax liability, so come March 15 (or April for LLCs), there are no surprises. It’s a chance to address financial matters head-on, as ignoring issues in revenue, expenses, and liabilities won’t make them disappear.
Reflect on your Goals
Take a moment to evaluate the goals you set for 2023. Did you achieve them? If not, what’s standing in your way, and what can you do to reach them before December 31? Additionally, use this time to set new goals for 2024. You might find my previous blog on goal setting to be a helpful resource.
Conduct Performance Appraisals
Annual performance appraisals are a vital tool for both the company and its employees. Business owners should commit to meeting with each team member to recognize personal successes and collaboratively set goals that benefit both the company, and individual professional development. Effective feedback should be a constructive, two-way exchange with both parties hearing the other to foster business and professional growth.
Numbers don’t lie. Reviewing financial reports for your accountant meeting is also a great moment to assess which products or services have been driving revenue and which might be losing their appeal. Dive into the reasons behind any sales declines. Do specific offerings need more promotion, or have newer alternatives eclipsed them? If you’re sitting on excess inventory, consider running promotions to move them on and build the company’s cash reserves, or buy new inventory.
Review Pricing Strategies
The current economic climate has brought higher costs, and businesses are deciding whether to pass these increases on to consumers or absorb them. Now is the time to scrutinize your Cost of Goods (COG) and overhead figures. Ask yourself whether your profit margins align with your desired targets, and whether your pricing remains competitive within your industry.
No matter the size of your business, it thrives thanks to the support of your team, vendors, clients, professional partners, and even your loved ones. It’s essential to convey your gratitude for their contributions to your success. A simple acknowledgment of their significance can go a long way in nurturing and maintaining these valuable relationships.
Contact Flourish Today
“Planning is bringing the future into the present so that you can do something about it now.”
― Alan Lakein, author
While the end of the year often comes with a long to-do list, it’s equally essential to set the stage for the future you envision. Walt Disney once said, “If you can dream it, you can do it.” Embark on 2024 with purpose and enthusiasm. If you recognize that year end business planning is the smart thing to do to foster growth in 2024, but you honestly don’t know where to start…allow me to help.
As a business consultant, I spend my days helping business owners plan for the future – whether they are planning a start-up, planning for growth, or planning to close a business. Let me help you put some plans in place. To schedule a complimentary consultation, email Info@FlourishBiz.Consulting, call 480-980-6066, or use the contact form to reach me.