2020 has been one for the books. When you think of this chaotic year, what are some words that come to mind? Pivot? Quarantine? Social distance? Tik Tok challenges? Tiger King? Unprecedented times? Apocalyptic? You get the idea … it’s not been the Roaring ‘20s we hoped for.
As we roll into the final quarter of the year, it’s tempting to say adios to this year and hunker down until the ball drops December 31 and wait for the new year. But instead of waiting for time to pass, what if you start thinking of all the new possibilities the first quarter of 2021 can bring?!
We’ve heard the saying that Q1 is a direct reflection of your work in Q4, so why not set yourself up for success now? With the holidays around the corner—blink and it will already be Thanksgiving—start planning your business for the new year so you’ll be ready to crush your GOALS!
Need some inspiration to get you started? Here are our helpful hints on how to get proactive and lay a solid foundation for the year to come!
Get Your Financial Books in Order and Look Ahead
Bookkeeping: You must have your books in order to accurately project your new year. If you’ve been organized throughout the year, then great! If you had some difficulty keeping things streamlined, this may require more time and detail. But whether you’re a solopreneur with a glovebox full of receipts or you use one of our bookkeepers you must get this step done first before you do anything else.
Finances: Examine your financial documents and analyze ratios. First, you need to (or have one of our bookkeepers) prepare the standard three business financial documents (balance sheet, income statement and cash flow statement) that will be the holy grail of your decisions.
- Once you’ve examined those documents, dig deeper and check your business’ current ratio, total debt ratio and profit margin. You’ll be happy you did because this will a more focused picture of your financial wealth!
Regardless of an organization’s size or purpose, process documentation is important. Even if it’s a one-person show, looking to the future when processes and employees will be multiplied is paramount. The lack of documented and standard procedures leads to repeated mistakes and continued inefficiencies at significant costs to your business. (And you want to avoid any mistakes so your business can GROW!)
Here are some terms to keep in mind when managing the document process:
- Reduce Operational Costs
- Mitigate Risk
- Simplify Training
- Stress-free Outsourcing
- Retain Process Knowledge
Bosun has developed a process documentation service that reduces your time in developing written, cohesive processes and links to video training. Let us know if you’re interested!
Set Goals for 2021
We know 2020 took us all by surprise (Who would have thought #WFH life would be the norm?) and it probably affected your gross revenue. Now that we have a better idea of the “new normal,” set your goals accordingly!
- What are you envisioning for a successful 2021?
- Prepare and outline action plans.
- Start implementing those plans.
Before setting any goals, ensure you are setting realistic ones that you will accomplish. Your targets for the year should match your long-term business objectives.
Evaluate Your Technology
At Bosun, we believe when you have the right team, the tech and a clear process, your business will start scaling quickly! Ensuring you have the right tech tools can save you BIG and provide your clients with more consistent and quality service. Cloud-based management software enables the enhancements of the business.
Questions to keep in mind when looking at your technology?
- Have you fully automated the software you already have?
- Are there quick integrations available to link different platforms?
- Are any of your platforms repetitive?
- Is it time to move from a manual process to a software-based process?
As the saying goes, “Businesses that fail to plan, plan to fail.” Don’t put off planning your business amid the press of daily events. Stay focused and you will accomplish your goals. Hopefully, this year-end checklist inspires and has you ready to make 2021 the best year yet!
At Bosun, be Freed to Lead!