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Coaching Tip of the Day - 25 Days of Christmas = 25 Days of Planning!
Monday, November 30th, 2009
“The world stands aside for the man who knows where he’s going” Tom Peters
December 1 doesn’t only ring in the 25 Days of Christmas, but it also can be considered a business owner’s 25 Days of Planning!
Coaching Tip of the Day!
With most businesses ending their fiscal year at the end of December it is now time for them to close out 2009 with a bang and prepare to cheer in 2010. To do this most effectively there are a few critical things you should focus on doing over the next 25 or so days of December:
Close out 2009:
- Evaluate your 2009 goals and objectives, and assess the progress that was made or the challenges that you encountered. Consider the good, bad and the ugly and make adjustments as needed for December and 2010.
- Do not allow 2009 to pass without determining what worked, what did not, what new ideas there are, and more. It is better to be aware than to ignore!
- Prepare yourself for the annual employee performance reviews.
- To maximize the productivity of your team they need you to communicate with them regarding all aspects of their performance. Do NOT allow this critical process to be overlooked.
- Record all transactions, expenses, revenue and more and get your books closed on time and completely.
- Compile all reporting, receipts and other materials that will be needed for taxes
- Talk to your bookkeeper and accountant now and discuss what they will need from you to properly prepare for fourth quarter taxes and year end.
- Schedule time with your financial analyst, CFO or accountant and review your financials thoroughly so you can plan appropriately for 2010.
- Complete your revenue and expense projections for 2010 and create that plan!
Prepare for 2010: HAVE YOUR PLANS READY TO GO JANUARY 1!
- Review 2009 actual expenses and planned budget and make adjustments to your 2010 plan
- Analyze 2009 actual and planned revenues, then create or adjust 2010 projections and forecasts
- Review your business plan
- Evaluate your product and service mix along with your pricing and profitability model
- Assess your target customer and market, adjust if needed
- Refine or create your marketing and sales strategies based on 2009 and incorporate them into your 2010 plans
- Has your overall vision or mission changed? (This is very possible if you are a new business or as a result of the current economic situation)
- Outline your major Goals, Objectives and Projects for the year with assigned resources and deadlines
- CRITICAL: I would never propose that a business does not have all of the items listed here prepared and in place for their business, but if there is 1 Must Have that has to be in place and ready to execute against come January 1 it would be a plan or roadmap of your yearly and monthly goals.
- Communicate your Vision, Mission and Goals (from your business plan) to all employees, partners, vendors and customers.
- Bring together your entire team and engage them in discussing 2010 plans.
- Consider a Vendor/Partner and even Customer Appreciation Day and provide them insight to your 2010 plans
- Keep in mind, the more everyone is aware of what you are trying to accomplish in your business, the more they will be on board to support you.
Get organized by closing out 2009 completely and then you can welcome in 2010 with a bang and have your plans in place so you know exactly where you are going in order for you, your business, and your team to accomplish the goals and dreams you have!!
Have a fabulous holiday and planning season!
Bernadette
