Making the Most from This Year-end

That’s right; it’s the end of the year – and time to do… what?

If you had a business plan for the year, you’d already know your objectives, activities, and measurements of success for the final quarter. But, if you’re like most small business owners – you don’t have a plan – what’s the best use of your time right now?

My experience suggests that the answer lies at the intersection of two questions:

1. What can you do to improve the value of your business – today?
2. What changes can you make today that improve your business in three months?

In other words, focus your efforts now on short-term successes – AND start implementing changes that are necessary for your success next year. If you only focus on the former, you’re doomed to a “Groundhog Day” management approach, where you’ll always be addressing immediate issues like cash, operations, or compliance.

Set aside, for the moment your existing focus on your year-end crunch, and answer the second question. What can you do NOW to make your life easier in March?

Here are some suggestions:

• Think about your entire business. Are your customers happy? Do they pay you on time? Do you have the capital to make some mistakes or survive in a tough economy? Are your systems supporting or hindering your operations? Will filing taxes for your business be simple – or painful?
• Create a plan for the year. Think about your entire business, and be realistic in setting goals. Don’t worry about writing a lengthy, intricate document in a three-ring binder that’s destined for the bookshelf – think about a one page, bite-sized plan.

That’s what we’ll talk about next week!