I know that there are many things on your mind this time of the year. With the winter here and the holidays upon us, there’s a lot going on these days. But as a business owner, you need to consider that 2015 is right around the corner. The better you prepare now, the more successful you will be in the New Year and beyond. I have put together a short To-Do list to help you prepare.
1. Review all the numbers for the first 11 months of 2014 and compare those numbers with the same 11 months in 2013 and 2012.
2. Based on the numbers, you can now begin to plan out your 2015 budget.
3. If you have not done so yet, have a meeting with your accountant. Review all the numbers for 2014. You want to know now about projected taxes you may owe; don’t wait until April 15. Also, make sure you get a current checklist from your accountant on what is needed for yearend 2014.
4. Review your inventory. This goes hand in hand with your tax strategy. It will also help you identify dead stock that hurts your cash flow.
5. Are there any tools, equipment, improvements to your facility or any other expenses that you can use in 2015 to reduce your tax liability for 2014?
6. Review all your goals for 2014. Did you achieve all your goals? If you did not, don’t worry; that’s to be expected. Reestablish your personal and business goals now, before the end of the year. Also, start thinking about your future training and equipment needs.
7. Contact your financial adviser and discuss any financial issues and retirement plans.
8. Have an end of the year shop meeting. Outline all the accomplishments of 2014 and outline your goals and objectives for 2015 and your vision of the future. Most importantly, thank each and every team member for their efforts, and make sure you convey to everyone that it’s the efforts of the team that determines success.
9. If you have not done so in a while, have one-on-one meetings with your employees. Do not make it a beat up session. Promote the positive attributes of the employee, ask for feedback on how the employee views the business, and ask for ideas and suggestions on ways to improve the business.
10. Lastly, make sure you set aside time to work on self-improvement. As the leader of your company, all eyes are on you. It’s your vision, your leadership qualities and your positive attitude that ultimately determines your success. Remember, you can achieve what you want in life, if you help others achieve what they want.
I hope you had a good year, and best of luck in 2015 and beyond!
This article was contributed by Joe Marconi, one of the 1-on-1 business coaches that helps shop owners through the Elite Coaching Program.