As 2014 draws to a close, many entrepreneurs get caught up in the whirlwind of last-minute appointments, invitations, unforeseen expenditures and even travel. But you can make sure your business ends the year on a high note by following these few simple steps:
Get financial ducks in a row
Find and organize all business expense receipts and income statements so you’ll be ready for tax filing. If you file quarterly, this shouldn’t be too time-consuming.
Make sure all 1099 information for any contractors you may have hired is entered correctly into your accounting system.
Review your profit and loss statement. If your business did well, consider investing some of your profit into new equipment, such as computers, or think about giving year-end bonuses or gifts to staff. If you don’t have a staff, you might want to make a charitable donation.
Dream up new goals
What do you want to accomplish in 2015? As an entrepreneur, your only limitation is your own imagination! Some ideas:
• Bring on additional clients
• Raise your rates
• Teach a teleseminar
• Make video content for your clients
• Revamp your marketing materials
• Update your website
Make a list of everything you want to do, and – just as important – take the time to map out when, during the year, you can take action on these goals.
Review your accomplishments
In any business, it’s important to look back over your year and make a list of every goal you’ve reached, every positive change you’ve made, and any incremental steps you’ve taken to grow your business.
Building on your success is the way to an incredible career. Pay attention to the large strategies and smaller tactics that worked for you and file them away for future use. Not only does this process remind you of useful practices you can repeat, but it also reenergizes you right when many people want to collapse.
Don’t forget to spend time celebrating all you’ve accomplished this year. Even if you have not reached every goal or if you’ve had difficulties this year, it’s important to your morale to reward yourself with a party, a special meal, or even a fun retreat.
You know you’ve worked hard, and it’s rejuvenating to rejoice in the fruits of all your hard work. The end of the year is an ideal time for this because it’s likely you’re ready for a rest, and not only will a celebration help de-stress you, but it will also infuse you with pride and happiness.
If you need any additional tips on wrapping up your year, don’t hesitate to contact me! I can help plan parties, send gifts, arrange reservations for restaurants and travel and more. Just let me know!