There are many ways to approach year end planning strategies, but the most important factor is the focus. Consider these five business processes before you make your plan...
Year End Planning For Businesses - Where Should Your Focus Be?
At this time of year, we’re all rushing. We know that the year is coming to an end. The holiday season is upon us. And Q4 is well under way. Business owners know there are only a few short weeks to meet lofty goals.
That’s quite a lot of pressure to deal with all at once. For a lot of people, preparing for all of this is pretty rough. Because no matter how organized you are, the last quarter of the year could be much more chaotic than ever planned.
That is why it’s a good idea to pick one area of focus and make it the highest priority for the rest of the year. Yes, you may need help to do this. But if you try to focus on everything, you end up focusing on nothing, and that could mean a breathless crash into "the most wonderful time of the year."
So let’s take a look at five business processes to consider before year end planning to ensure your calculated success.
Marketing
- Do you have a seasonal based business?
- Are you extremely busy and popular at this time of year?
- Could you benefit from a bigger push on sharing your brand message?
If so, this has to be your focus. And if you know that you need to really drive the business, gain new customers, and push sales before the year is out, a good marketing strategy can help you to do all three.
Finance
Maybe you are more comfortable working on the financial details and delegating other tasks. Or maybe you know that you have your accounting and taxation due soon?
It is wise to tighten up your security over the holidays. You can do this easily with secure banking solutions. In turn, you can be sure these details are being taken care of and that you’re on top of all things financial.
Customer Service
You may find that it’s customer service that really needs your attention.
Smart business owners have their holiday marketing plan set by mid-summer. Part of this plan should include customer service. Be sure your team is prepared for of questions regarding orders of products and services before the holiday season starts so everything runs smoothly.
If you are late finalizing your holiday marketing strategy, this is where your year-end focus should be.
Sales
Is your business in the B2B space and relies on relationship marketing?
When that’s the case, you absolutely need to be focusing on:
- Industry conferences
- Niche networking
- Local holiday gatherings
- Association meetings
And other opportunities that allows your team to get the traction needed for your business to achieve vital Q4 contracts before the year is out.
Product Development
Has it been awhile since a new product was released under your brand name? Then perhaps you need to design a new product for the coming year!
New products generally attract new interest, especially if based on data and research from your customers and target markets. It is also wise to launch something that will complement what you already offer. In turn, new marketing opportunities could surface, and you can upsell to your existing customer base.
