For any small business, the end of the year presents a great opportunity and major challenge. While spending fluctuates throughout the holiday season, it also creates issues in terms of anticipating customers, resourcing and providing a memorable experience. Are you prepared to finish the year strong?
With some smart planning and execution, you can wrap up your year strong, turning the last months into positive momentum for the next year. Here’s four ways for your small business to successfully finish the fourth quarter.
Review Your Goals for The Past Year
As the year winds down, it’s important to consider the overall business plan you started with. Consider what you have done over the year, which business and financial goals you have achieved, and what’s left on your to-do list to close everything out. If you have any outstanding goals, the fourth quarter is your last chance to stretch towards achieving them.
Getting a good baseline of what you want to achieve will help you determine a strategy for fourth quarter success. A strong finish will help you get an even better start for the coming year.
Edit and Execute Your Fourth Quarter Plan
Once you have reviewed your year-long plans and adjusted for the remainder of the year, it’s time to execute your fourth quarter strategy. Your overall plan should not only include seasonal items and promotions, but also workplace personnel management and how to position sales through the end of the holidays and into January.
Although this may be the busiest season for your customers and your business, it’s important to keep focused on performance during the final weeks of the year. Staying ahead of your plans and the customer’s needs will help you execute despite the hustle and bustle.
Review, Adjust and Work to Bring Your Customers In
Not all plans are perfect. In many cases, you may be forced to revise based on several factors, including staffing needs and customer demand. Without the flexibility to scale, you may find your business lagging against the market.
Reviewing and adjusting plans in real time allows you to respond to customer demands, giving you more opportunities to attract them and answer their needs. Between smart adjustments and being a leader in your niche, your business can shine in the last three months of the year.
Get Ready for Next Year
It’s never too early to get ahead for the next year. In addition to closing the books after December, you will need to prepare for tax season, start projecting and planning for the coming months, and refine your business plan and goals, drawing on the strengths and weaknesses of the previous year.
As the weeks wind down, start collecting your paperwork and make sure your information is in order for accountants, tax professionals and other partners. Staying organized will help you make the year-end transition easy, letting you focus on building your business.
While the fourth quarter may be the busiest of the year, it doesn’t have to be the most stressful. With a flexible plan in place and back-office organization, you can be prepared to make the most of the holidays and start next year on the right foot.
The good news is that you don’t have to face your business banking needs alone. With the SESLOC Business Services team, the stress of day-to-day financing is off your shoulders thanks to partners who can help you make the most of your money and cash flow. Contact our team today to learn more about how they can take the stress of money management away and let you do what you do best: Grow your business.