The end of the year can be tough for some businesses. Everyone may feel like they’re hobbling to the finish line, but really, there is no finish line. This is your time to plan for the beginning. This is your time to plan for growth.
While growth is certainly on the top of the list for every small business owner, many of them don’t actually take the necessary steps to make that happen. As the year comes to an end this is the time to set the stage for growth for your team. Here are some opportunities to take this December for business growth.
1. Invest in your team, Reflect With Your Team
At the end of the year is when you want to pump up your team for the year that is to come! You can do this in a variety of ways, but some potential ideas are throwing a party while acknowledging the MVP’s of your team, encouraging team members to take some holiday vacation time, and passing out holiday bonuses.
While recognizing your team for all their hard work, December should also be a time of reflection. Setting up one on one meetings with your team members will allow you to hear what their goals are individually, understand how you can empower them to do their job better, and deeper insight into how your team is working together. You can also set up group discussion to gather feedback, but make sure every member of your team has the chance to be heard.
It is crucial to engage with your team as this will ensure a stronger and more engaged team long term.
2. Evaluate and Set Goals
According to forbes.com, the end of the year is the ideal time for a SWOT analysis -- a review of Strengths, Weaknesses, Opportunities and Threats. This will allow you to determine if your business met the goals is set out for at the beginning of the year. If you’re like most small business owners the majority of your day is spent in your own head thinking through all the ways of making your business thrive. By inviting your team to participate in this exercise with you, you’ll be able to garner valuable feedback and see things you may not have previously noticed. Use this exercise to realign end-of-year action as well as goal setting for the following year.
Reflect on these questions with your team as you consider your goals for the next year.
1. What did we accomplish in 2018?
2. What do we wish we would have accomplished?
Use those answers to set a guideline for a growing year!
Don’t be afraid to dream big! Your goals should position your small business for success!
3. Making The Most Of The Season To Drive Sales
This may be the most obvious way to set your business up for growth, but December is the best time of year to increase sales! Take advantage of the season, and be seen. Pump up your advertising, and run holiday specials! Include freebies in your promotions, announce new products, etc. The holidays also give you an opportunity to reach out to old customers as well. Ultimately, your goal is to create new customers or extend their lifetime value. Create more customers for your team to nurture and invest in which will ultimately grow your business. Take advantage of this season!
4. Upgrade Your Technology
According to entrepreneur.com, there’s tons of new technology every single year that can benefit your business! If you’re looking to revamp systems and put new technology in place, now is the time. The holidays will give team members time to make that mental switch and embrace the new systems with the New Year.
You should run a quick check to see if you’re up to speed on the latest technologies available. What’s your system of communication between your team? How do you communicate with your clients? Where does your team share files? What are you using for social media distribution? What are you using for content development and strategy? What’s your system for scheduling?
How Clarity Consulting Can Help
Part time CFO services and Fractional CFO programs can open up a whole new world of operational efficiency. We know how to collect all the data from all areas of your business, interpret the data, and create a smooth operating system that brings business owners peace of mind.
In addition to the services mentioned, we also offer assistance in the following areas:
Once you’ve hired a new employee, Clarity Consulting is there to help with the onboarding process. We make sure they have filled out all their documents and get their direct deposit set up. If there is ever an address change throughout employment, Clarity Consulting changes it, freeing up the business owner to focus on growth.
For insurance support, we help companies with their annual General Liability and Worker’s Comp audits by gathering all the certificates throughout the year and sending the payroll report to your auditor.
For tax support, we communicate with your CPA and make sure your CPA strategy is being implemented throughout the entire year.