You know you need to close out your books and get prepped for Quarter 1 so you start out your year the right way. But as a business, there’s a lot more that goes into making next year a success.
It’s called goal-setting, tying up loose ends and making plans for the new year.
It may have sounded like I discounted goal-setting before, but that’s not the case at all. In fact, I know that setting goals is a very powerful way to grow as a business owner and as a business.
If you’re ready to close out 2017 on a high note and start 2018 strong, here’s what I recommend:
Tie up any loose ends
There’s nothing worse than having a project hanging over my head at the end of the year, staring at me as we start the new year. I know it’s inevitable sometimes, but do your best to tie up any loose ends before Jan. 1 rolls around. Maybe that’s finishing up a project or sending a final invoice. Maybe it’s even receiving payment for a project. Whatever you haven’t closed out, see what you can do to finish it up.
Take a look at your financials
Of course I’m going to go there. It’s impossible to start next year on the right foot without first taking a look at your numbers. You need to know what revenue streams are doing well, which aren’t and what your profit margin is for each stream. This will help you determine what to continue selling next year and what to revisit.
Knowing what your financial health looks like can help you set goals around investments you want to make next year. Have a big conference you’d like to attend? Set a sales goal so you can pay cash. Want to hire team members to take over some of your admin work? Have a monthly income goal first, so you know you can afford to pay someone.
Set solid goals for the new year
Goals go beyond sales and income. Set other goals, too–for your business and in your personal life. Having measurable, realistic goals will give you somewhere to aim in all aspects of life. Maybe you want to gain visibility in your business. What does that look like? Being on podcasts? Starting a YouTube channel? Maybe you want to spend more time with your family. Does that mean you need to outsource in your business? Stop providing 1:1 services? Think about each goal and how you can measure it to ensure you’re consistently working toward them.
Invest in some accountability
I’ve worked with mentors, coaches and accountability buddies. Candidly, it doesn’t matter whether it’s a paid group or some business friends who call you out. If you tell someone else your goals, you’re much more likely to actually meet them. Find an accountability buddy or group that’s at the same place in your business that you are. If you prefer 1:1 help, interview several mentors or coaches before deciding who you’ll hire.
If you’re not 100% happy with the way 2017 is finishing up, it’s time to do something about it. Do the work you need to do–now–so you can have a successful 2018.
