Getting Ready For Business
In The New Year

by Tom Egelhoff

Even though the holiday season is in full swing this month it's a good idea to put aside a little time and do some planning. Why not wait until January? Because there may be some things you can do before December 31st that will reduce your tax bill. I'm not an accountant so I can't give you any qualified accounting advice other than to meet with your accountant and follow their advice for anything that might help your business before the end of the year.

Take A Look At The Books

Look at your books from last year. What happened during the first quarter of last year? Was it good? Bad? Average? Set some goals for the first quarter and get your business off to a good start. You know what it took to do the business you did last year. What's it going to take to do 5-10% more in the coming year? If you think your business may have a hefty tax bill coming due in April that might be a good incentive to have a good first quarter. Once you have momentum going in your business it's hard to slow it down. Get busy early in the year and you'll most likely stay busy all year.

Check Competitors Ads

Another reason to start in December is that for many readers it's the time of year that your business may make 25% of your yearly sales. For that reason alone its well worth looking at this time of year. One of the techniques I advise in my seminars is to start a file on each competitor and start clipping and saving their ads each and every month. I know you are busy during this time of year so make a pile to clip later if you must. But it's very important that you know what your competitors are doing and how it's affecting your bottom line. You will be very happy next Christmas when you pull out your file and know what your competitors did and how it affected your business and how you reacted to it. And, if you keep a monthly file you will know what to do in every month.

Read, Read, And Read Some More

Next, you need to read more. Anyone who spends just 20 minutes a day reading something about their industry will know more about that industry at the end of the year than 75% of the people in it. If you get trade magazines thumb through them and tear out the articles of interest and throw the old copies away. Give some to employees to read and report on at your next meeting but make sure you read them too. Educating yourself and your employees about your business just makes good sense. Employees that feel knowledgeable feel powerful and usually give better customer service. We all enjoy showing off our expertise to others. Convert employees into readers too.

The second reason for reading is that your industry is always evolving. Technology, like it or not, has a profound effect on business in general. If there are better or more economical ways of doing things in your business you need to not only know about them but make plans to implement them as well. If you fall behind because you are afraid to make the investment it may cost you twice as much down the line to remain competitive.

The Final Thought On Preparing For The New Year

The important thing to remember is that the days of just opening your doors and crossing your fingers and having a successful business are over. Consumers are more demanding, competition is more fierce, there are more regulations, and much more risk to succeed in business than ever before in our history. So it boils down to who are the true business professionals? Who becomes a student of their business and really works it? Those are the successes we read about in the trade journals and business pages. Will you be one of them?

Return to the "Western Business News" Page

Top : Home

Top : Home

Quick Links
Tom's Self Help Books