Get your business prepared for 2016 | ETC - Enterprise and Training Company

Get your business prepared for 2016

Can you believe it’s December already! Is your business prepared for 2016? New Year seems to be the time when we set fresh goals and resolutions in our lives. A new year signifies new beginnings and of course, new opportunities.

Whether your business is entering its busy season, or quiet time, there are some things to consider when preparing your business for the new year:

  1. Is this your busy period? If so, make sure that you don’t spend all of your cashflow while the money is pouring in. Keep a reserve for your quieter times. Make notes about how your business performs during this season, so you can be better prepared for the future.
  2. Are you quiet during the holiday season? This is a good opportunity for you to recharge, review the first half of the financial year, your marketing plan and budget.
  3. Meeting with your accountant. Set up an appointment to review earnings and projected profit/loss for your business. Consider tax-minimizing strategies like: an advance payment of next year’s bills, or equipment purchases.
  4. What is the direction of your business? Now is the time to revisit your life goals, your purpose, and your innermost driving force. Think about what your business will look like when it is fully developed. What strategies could you develop for the following year that will get you that much closer to your objectives?
  5. Look for ways to cut costs. No matter how successful your business, you should always look for ways to cut costs as you prepare your budget for the New Year. If money gets tight, cost cutting will help you stay in the black.
  6. Create a to-do list for the first week of January. Taking the first step is often the hardest. So why not start now with a to-do list for Monday, January 4 through Friday, January 8. Jump start that first week with a clear commitment to change.
  7. Budget, budget, budget. Budgeting requires you to think about your basic objectives, systems and resources on a regular basis. It keeps you current with what’s really going on. It’s critical that you establish a budget for next year. You could even plan quarterly budgets, to allow for a more detailed view of your revenues and spending.

Now is a good time to give your business a health check to ensure you’re on track for 2016.

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