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As the year draws to a close, our minds turn to the coming period and what it could have in store for us. We draw up plans, make resolutions, and hope for the best. It’s about ensuring that our lives go as smoothly as possible in the immediate future. Ideally, businesses should do this as well. The next twelve months will offer up opportunities and challenges; it’s only wise that people prepare their businesses for these things.
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This article summarizes the steps you can take to make your business ready for the New Year.

Review Your Financials

Your financial records give you a picture of your business’s current position. There’s a lot you can glean from them: profit levels, liquidity, debt, etc. Examine your balance sheet, income statement, and cash flow statement, to know whether or not your business is in a healthy state (and how healthy it is). With a good knowledge of your business’s present state, you can tell what it’ll need to thrive in the coming year, where there are problems to be fixed, and areas of strength you can consolidate upon.

Take Stock

Review your inventory to see what’s gone out and what’s left. This lets you know what you’ll need to stock up on going forward. Physical inventory counts can be recorded using pen and paper, or electronically with the aid of a mobile device. The aim here should be to ascertain that the available inventory listed in your stock records match what’s actually in your store.
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Set Goals for the New Year

If you want better results from next year, you have to be clear about what those results will look like. After gaining a sense of where you are, as indicated by your end-of-year financial statements, you’ll be able to tell what’s achievable in the coming year. Your goals should align with your long-term mission and vision of your business, and take you closer to achieve them.

Decide What You’ll Need

Plan for upcoming expenses, including office supplies, new hires, training, and major projects. Determine what the cost of these will be, and prepare to factor them into your budget for the next year.

Get Your Team on Board

Unless they are in on your plans for the future, your team may struggle to get in line. Let them know what your plans are, and give them at least a hint of what roles they will be playing to achieve the goals you’ve laid out.   Featured Image Source: Shutterstock
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This article was first published on 14th December 2020

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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