The End-of-Year Health Check for Your Business

Nov 30, 2018

You have made it through another year in business, that’s a great accomplishment! Now you’re ready to start a planning for 2019. Before you dive in, make sure to close out this year with the highest possible sales, clients or profits. The best way to do this is by getting organized, reviewing your businesses performance, and coming up with strategies to capture, improve and increase business.

Sort Documents

Now is a good time to organize business documents. This is the time to make sure you have all your business and tax forms in order and to get rid of any unnecessary cluttered piles of paperwork that you have. If you don’t have one already, you should get a tax advisor to help you out. They will be helpful in making sure to sort out anything that could be alarming to the IRS and useful in making sure that you’ve accounted for all deductions.

Feedback

The feedback you give and receive from your employees will give you a better understanding of how your business is doing. Although getting feedback from your employees is beneficial, it’s not always easy since some people don’t feel completely comfortable giving their honest opinions. A few ways you can get their anonymous opinions is through surveys or a suggestion box. Providing feedback is just as important receiving it. If you don’t provide it, your employees won’t know how they are doing in their role. If they are not aware then they can not make improvements that could potentially really help the business.

Say Thank You

Remember to thank those who are keeping your business in business, especially those who have given a referral. The best way to do this is by doing something personal such as writing them a card, giving loyalty cards, or offer a discount.

Review Inventory

Make sure you have accounted for all the inventory that you ordered and sold. If you have a lot of inventory you can plan for markdowns and/or promotions.

Review Client List

It’s time to go through your client list and organize it into leads, clients, past clients, and those who are uninterested. Organizing this client list into what they are will allow you get a better understand of how your business is doing, and what kind of marketing is working best for you. The worst thing you can do is waste your efforts on a tactic that unbeknownst to you, isn't working.

Analyze and Set Goals

As you look back on the year, did you achieve everything you wanted? Analyzing your past will help you form goals for the future. Look at what your business strengthens were this year and where you fell short. Take the time to also reflect on your mission and vision statement and determine whether you are heading in the right.

The Platinum Blog

Welcome to the Platinum Rapid Funding Group Blog. We'll keep you updated with industry news, tips for business owners, advice and other interesting posts.

The Platinum Rapid Funding Blog

We're Social

We're active on social media so be sure to follow us!

For real-time updates and an inside look at our offices, follow us on Instagram!

twit Linked In fb