December is here and the business year is coming to a close for entrepreneurs all over the world. The year has been filled with the up and down coaster of the business world. Changes have been made in all fields and, while the year is almost coming to a close, there is still work to be done. There are last-minute meetings to be made, projects to complete, and deals to be made before the year is over with.
Check out how entrepreneurs are closing out the year below:
#1-Two ways
One thing we'll do to close out our business year is to take a look at our cash flow to make sure it is healthy and running smoothly. We'll also make sure to reach out to any vendors who may have unpaid invoices with us to see if we can't get those closed out before the end of the year. We'll also review our benefits and payroll to see if there are any errors that need to be addressed. And we usually use this time of year to see if we can afford to issue out any bonuses or other incentives. We'll make sure that were staffed for any new initiatives that we're launching in 2020, and most importantly, we'll take a look at all of the annual goals we set at the beginning of the year to see how we did, which will help us decide what our year-long goals for the following year will be.
Thanks to Andrew Schrage, MoneyCrashers!
#2- With a lot of reflections
I will be looking back at the goals I set for myself in January, where I hit them, what worked, and equally where I didn’t meet them. I’ll use this to make plans for the next year based on what was successful, what I enjoyed and what areas were most profitable. I’ll also be doing a fair amount of celebrating – because reflection gives me the ability to see how far I’ve come and if we can’t celebrate that, then what’s the point?! I’ve made massive progress personally and professionally in my business this year and rather than constantly looking to the next thing, a moment of appreciation for a job well-done is an important part of the process. Personally I’ll also be spending a bit of the festive holidays digging into Danielle LaPorte’s Desire Map and getting even more aligned with my ‘why’ and what drives me to set intentions for 2020 and beyond.
Thanks to Vicky Shilling
#3- Creating an actionable plan
Here at ScaleMath we're going to be focusing on creating an actionable plan for what we want to achieve next year. This includes targets on how many new client accounts we want to sign up as well as new benchmarks for the work that we're doing with existing clients and how we can ensure their experience with us. At the same time, as a growing agency, we have also begun actively looking for talent so that we will be able to provide the same level of service that our current clients have been used to and exceed the expectations of any businesses that we work with in the future.
Thanks to Alex Panagis, ScaleMath!
#4- Year-end promotions and sending out email reminders
I am a business leader who is closing out the year by running a few year-end promotions and sending out email reminders that are relevant to our customer base. We are focused on rounding up items entrepreneurs need to take care of before the year ends. These items include ordering corporate minutes and bylaws and opting for delayed filings so that entrepreneurs on the verge of starting a business may start the New Year with an effective date of incorporation for their startup.
Thanks to Deborah Sweeney, MyCorporation.com!
#5- Inhale – Exhale
At the end of the year, I always take some time to evaluate my yearly outcomes. It helps me to see the progress I have made and how I can adjust my expectations. It’s important to reevaluate your business goals and review your company’s progress to determine what strategies, techniques, and processes have worked and what approaches have failed. I set a meeting with all my direct reports and give everyone an opportunity to share their thoughts about current strategies and openly discuss the results to measure the progress. In this way, we can decipher whether there’s room for improvement in the strategy itself, or simply in our execution of the strategy. Analysis of the past year’s successes and failures helps us in strategic planning and allows our team to create a business plan with
achievable targets.
Thanks to Hardeep Johar, Stone & Tiles Shoppe!
#6-Planning for 2020
As I close out my year I view my business the same way I'd advise my clients: it's time to plan for 2020. Each day for the remainder of the year I've devoted a portion of time toward developing a comprehensive month-by-month marketing plan covering public relations, digital marketing, social media, in-person networking, sales and more. I've also increased my client outreach strategy in the final two months of the year, setting up more meetings and discussing long-term projects for the new year. My intention is to hit the ground in a full sprint on January 1. There's 366 days in 2020, and I intend to take full advantage of every single one of them by handling the proper preparation and planning now!
Thanks to Matt Seltzer, S2 Research!
#7- With a ton of momentum
The way I'm planning to end 2019 is with a ton of momentum going into the new year. I find that a lot of people tend to slow down and relax approaching the holiday season, so I plan on doing the opposite. I'm going to double down on my end of the year goals, come up with a list of new milestones I'd like to hit next year, and I'm going to create a detailed plan so that I can reach those milestones.
Thanks to Dylan Houlihan, Swift Salary!
#8- A number of ways
In Q4 I always circle back by phone and/or e-mail with any client who during the past year did not have enough budget to accomplish their wish list of projects with us to see if any use it or lose it money turned up at year end so that we can allocate the funds to the project for the next year. Many times we have been able to find adequate budget to get going on projects that would have otherwise fallen through the cracks. Most years we stay home for Christmas and go away for a few days for New Year¹s. I like being home around Christmas because most people are away so it is a great time to get caught up on admin and organized for the new year, do tax preparation and just relax. It is rare for my clients to have a year-end surprise, emergency or deadline so I rarely have to scramble and can avoid much of the drama associated with the holidays. Then when everyone comes back to work I can feel refreshed and energized to start the new year.
Thanks to Paige Arnof-Fenn, Mavens & Moguls!
#9- Setting my intention
I'm closing out 2019 by setting my intention for a fruitful 2020. I'm getting crystal clear on the long-term vision for my business and turning that into actionable and measurable goals for the new year. I'm also thinking about how to close out 2019 strong with my clients, after which I'll set aside some much-needed time to take a break over the holidays.
Thanks to Brandyn Campbell
#10- Getting my finances in order
I’ve spent a lot of money investing in software and tools that I didn’t end up needing. Plus, I have a handful of free trials that are coming to a close. So, it’s time for me to buckle down and identify exactly which tools I need from here on out. I’m looking at how much they cost, how much money they bring in, and whether or not they actually provide a service that makes my life easier. Some of these tools do things that I could do on my own or outsource for less than the cost of my subscription. I’ll have some tough decisions to make, and it’s going to take some serious thought, which is why I’m committing most of the month to this task.
Thanks to Barbara Nevers, NeoLittle.com!
#11- Strong focus on health and wellness
I'm closing the year by focusing on health and wellness well before everyone else decides to jump on the new year, new me bandwagon. I believe it's important to always jump ahead of those new year trends and focus on the present day and time. “There's no better time to start than now” rings true in this situation. For this reason, I'm placing a strong focus on health and wellness not only for the internal benefits (longer life expectancy, better physical health, less internal stress, etc…), but also to optimize my external schedule and workflow so my businesses can operate better than ever before.
Thanks to Christopher Grozdon, DASH-SEO!
#12- Laying 2020 growth strategy
We are planning to close out the year by laying out our growth strategies for 2020. We are continuing to push hard in our industry as a known player, while also contending with the negative attention the college admissions scandal created. However, while others would see this as a nail in the coffin, we are instead using it as motivation to push harder into further refining our processes and product offerings. A great way to end the year is figuring out how to start a new one with a bang.
Thanks to Shaan Patel, Prep Expert!