We are in that time of the year; where the businessmen and entrepreneurs are giving time to discussing the lists & things to do for the year long. The beginning of the New Year will mark a fresh start and new assignments for your organization.
As we are in the first month of the year, take some time to go through your business plans… make new plans, redraft the strategy and thank your faithful customers.
- Review your Goals
If you have set certain goals or resolutions at the start of the year, this is the time to assess results. Did you accomplish what you wanted to for your business? If not, you need to analyze why. Use the results from last year to create your goals for the upcoming year. Also, make sure that you set up tasks to help you work toward achieving those goals.
- Redraft a Business Plan
The first few weeks of the year are the best time to sit down and look how the company performed the past year. There are chances that you need to redraft the whole business plan as per the current scenario or market trend or it may need some fine tuning to make it new. Consider changing it as per the ever evolving technical changes.
- Decide what business purchases should you make?
This is the time for all business owners to plan & discuss with their accountants about the new business purchases they should make to lower taxable income. There should be an understanding for cash flow to make sure that the purchases are not going to hinder other costs such as marketing, payroll and paying down a line of credit.
- Get ready for tax time
It can be a smart move tax-wise for a number of things. Be sure you’re taking advantage of any breaks you might get in the 2014 tax season. Buy some new stuff & give some, donate and make your Corporate Social Responsibility live. This will in turn help you in saving tax.
- Say Thank You
Be thankful. Identify all your important, VIP & loyal clients and call them/write to them, make them aware that you really appreciated their business and let them know how important they are to you. Saying thanks you could be one of the best assets all through the year.
The most important tool of any business is your workforce, and by recognizing their hard work, is a way to keep them happy. Say thank you to all your hard working employees. Lastly but not the least remember to make performance review and fill out evaluation cards.
Special TIPS for your New Year Resolution
List down the latest trends that can help your business for the New Year – and learn about them. Engage in different working groups, trade association or similar so you can jump ahead of the competition by offering what will be the latest trends in your market.
Welcome the New Year with more space – Drop what’s not working for you and move on.
All products are not going to be great, all sales strategies are not going to work for everyone, and all the vendors aren’t the ideal one’s for you. If a procedure or a product or a business relationship isn’t working for you, stop using it. Don’t invest a lot of time & energy into trying to make the ineffectual work. Move on. Something better will turn up very soon.