Getting Your Business Ready for the New Year

by Bill Gough, Insurance Hall of Fame Agent

Planning your business may not sound like a task you want to work at during the holidays, but I can assure you that the top business owners, especially agency owners have 2020 business plans in place.

It may be tempting to kick back, relax, and let things go during the holiday season, savvy small business owners, like ourselves, know better.

They use the end-of-year as an opportunity to take inventory of what’s happened during the past 12 months and make plans for the next 12.

Here are some of the most important business planning activities to do now if you want your business to be ready for the New Year:

  1. Run Your Financial Reports. Unless you’re on cloud nine with a calculator in hand and spreadsheet open in front of you, the odds are good that financial reporting isn’t your favorite activity.
  2. Consider Future Goals. As the year comes to close and another starts, now is a good time to consider your goals for the future. With the above financial reports, small business owners should evaluate customer testimonials, employee feedback, and how successfully the company abided by its mission statement. Take a hard look at your accomplishments this year. If you aren’t meeting your financial and personal goals, it might be time to reevaluate your business practices.
  3. Sit Down with Your Team. Your Team is the backbone of your business. That doesn’t mean relationships with your team are always smooth sailing. As the year winds down, schedule some time to speak to your team members one on one. (Especially if you aren’t having weekly one on one meetings.) Contact [email protected] if you are not familiar with weekly one on one meetings. Inform them about performance areas that need improving, let them know what they’re doing well and encourage them to keep it up in the New Year.
  4. Take a Much-Needed Break. While it pays to get your business ready for the New Year, as a business owner, you should still aim to take a little time for yourself. Plan a few days away from it all when you can relax and recharge. You’ll reenter the workplace with a clearer head and a firmer commitment to building your business.

If you put time and energy into tying up your year-end business odds and ends, it will be far easier to get ahead if you don’t let your business fall behind.