For businesses with fiscal years that coincide with the calendar year, the slate of revenues and expenses will be wiped clean on New Year’s Day. Starting with a clean slate gives us a chance to reflect on our previous years results before we enter the new year and experience the hope that comes with a new year.
Hindsight is always valuable, and we can learn important lessons from our past mistakes that we can now more objectively look back on. We can take those lessons and incorporate them into our plans for the new year so that we can continue to learn, grow, and prosper.
To create your plans for an awesome new year, here is a list of questions and documents to consider in your business.
We can make budgeting more fun by looking at the revenue side first.
- Are you happy with your previous years revenue levels?
- What new product or service lines can you roll out next year?
- Are there any product or service lines you should close in the new year?
- Should you raise prices?
A revenue plan is useful because it can feed into your annual budget as well as drive your marketing plans.
Business is more fun when you have the right team to support your vision.
- Is your current team sufficient to support your business goals for the new year?
- In what areas do you need more help? Should you hire or outsource?
- Are there any team members that are not pulling their weight?
- Was there a turnover that you would have rather not had? How can you retain your best talent?
Your revenue plan and staffing plan can feed into your master budget, which can be loaded into your accounting system. Tracking actuals against plan and prior year numbers will help you determine how you’re staying on track throughout the year.
Special Projects Plan
What special projects should you consider for the new year? This might include a move, new fixed assets, or replacing systems and processes that you are outgrowing.
Disaster Recovery Plan
Each year, we watch the news and see people and businesses that were affected by extreme weather events, fires, theft, or other disaster. Are you protected?
- Is all of your data backed up to a remote location that is away from your local area?
- Do you have the necessary insurance coverage for all areas of your business?
- Are you comfortable with the risks you are taking in business and are you prepared for the worst-case consequences of those risks? If not, take action to reduce your risks.
Planning for Awesome
Planning helps you become more successful, and it reduces the risks of doing business. There are many more types of plans, and it’s up to you to decide which ones will benefit your business. If we can help out in any way, please reach out and give us a call.