In the first few weeks of any new year, many small business owners take time to rest and refocus after the holiday rush. This is a great time to invest in getting organized and catching up on things, as well as setting goals for the coming year. For a business to be successful, it’s important to have periodic check-ins, so you can be as prepared as possible.
If you want to make this coming year your best year yet, take the time to do a status check of your small business. Here are some tips to keep in mind, as you set yourself up for success this year:
1. Consider closing for a day or two
Depending on the type of business you have, it may be smart to close up shop for a day or two, to give yourself the time and space to do your check-in. It’s much easier to focus on this process when you’re not juggling customers or orders. This is especially true if you have physical inventory that you want to catalog. Set aside some intentional time to file paperwork, tidy up, and map out your plan for the year.
2. Look at your financial health
Don’t go into a brand new year not knowing exactly where your business stands finance-wise. Take a hard look at last year’s income and expenses, as well as see what you currently have available in liquid assets, credit, and equity. This is your starting place for the year, and knowing all the details can help you make better decisions for your company.
3. Plan to delegate
If you want to grow your business this year, now is a great time to identify where you can delegate or outsource tasks. Sustainable and scalable income requires a team of professionals, doing what they do best. Consider hiring outside help for marketing, or a Fort Collins CPA that specializes in small business, or find new vendors to keep you well-stocked.
4. File and organize
It may not be your favorite thing to do, but cleaning and organizing can help you start this new year off on the right foot. Now’s your chance to catch up on paperwork, upgrade your filing system, or invest in new equipment. Make sure your financial files are tight, you’ve updated employee records, and you have efficient systems in place for orders, jobs, and customer relations.
Want more tips on how to make your small business successful this year? Reach out to us at S.J. Wick & Associates!