In this article, I want to provide some practical tips that will help you get 2021 started on the right foot. Business owners are so busy this time of the year, they are not focused on cleaning up business matters, rather they are thinking about making it through the holiday rush with their sanity intact. I hope this article will provide some simple and helpful tips to get you ready to conquer another year ahead.
- I advise all of my clients to sit down at year-end and make a wins and losses list. Write down your wins and losses from the prior year and what systems/people were in place to make those wins happen. Celebrate and thank those people. Then, write down all of your losses and think about what processes can be implemented to better support you if those issue arise again. Critical thinking and strategizing are crucial to make improvements in the new year.
- Go through your past due invoices—make final efforts to collect what you can on past due accounts (pro tip: an attorney can help you draft demand letters to collect on unpaid invoices). You’ll be grateful for any amounts collected and prepared to write off those unpaid amounts. Then, fire the clients that weren’t paying to make room for new ones who will.
- Organize your office—although it sounds simple, a year-end clean is a great opportunity to go through files, shred unneeded documents, and determine if new organizational tools are needed to make your life easier in the coming year.
- Review your business plan—I advise my clients to have business plans in place (pro tip: our firm can help you draft a business plan to meet your business’s needs). Your business plan is a working draft, always subject to revision. Asses your year from a goals perspective—did you reach your milestones? If not, think about why. A business plan keeps you accountable and on track to meet your goals. If you don’t have one, make this the year to get one in place.
- Document check—go through all of your contracts and handbooks to determine if any revisions are necessary to be effective as of the new year. Are there any internal policies you feel need to be revised? Any contract disputes come up in the prior year that require a revision to an agreement in place? If so, now is the time to make those revisions (pro tip: our firm regularly drafts employee handbooks and various business contracts for clients).
- And most importantly, celebrate that your business made it through 2020. It has been a difficult year for so many businesses. Make sure you are carving out some time to celebrate you and your team’s successes.
Our office is available to assist you with any business or real estate needs you have in the new year.