5 Tips for Entrepreneurs to Close the Year with a Bang
5 Tips for Entrepreneurs to Close the Year with a Bang
It’s the end of the year and entrepreneurs everywhere are hustling to ring in the New Year on a high note. Whether you are close to having your best fiscal year yet, or simply have a handful of tasks you need to get done before your holiday vacation, it’s crunch time! As entrepreneurs, these are our five tips to help you close out your year with a bang.
Assess your year’s expenses
Assessing expenses is never a fun task, but it will surely show you where your money was allocated throughout the year. When assessing your expenses, consider starting with looking at your most costly budget lines and asking yourself, “is there some way to improve on these specific lines?” Maybe it means bargaining with a vendor for cheaper product prices, buying in bulk to decrease the overall price, or changing business insurance companies. Perhaps it’s time to completely replace broken items that you’ve repaired one too many times. Whatever the excessive expenses are, work hard to decrease them for a more fruitful new year.
Take inventory and sell off unwanted items
The end of the year is an excellent time to take inventory. While taking inventory, you’ll see what items sold quickly and need to be re-ordered (maybe in bulk) and which products should be discontinued altogether. If you have excess inventory, the holiday season is the perfect time to offer special pricing discounts to help you sell off products you may not need anymore.
Connect with your customers
Whether it’s on social media or in person, connecting with your customers is always important. Offer your in-person clients seasonal greetings and special discounts for their continued loyalty. The end of the year is always a great time for travel, using social media platforms such as Facebook, Instagram, and Twitter is a great way to increase traffic from out-of-town guests to attract new clients. Share your services, delivery options, and special deals to let newcomers know how they can be accommodated during their travels.
Revisit and reflect on your new year's resolutions
The end of the year is a great time to revisit all of those lofty goals you had for the year. You might be surprised to find that you exceeded many of your goals or maybe you’ll learn that you are so close to reaching one and it’s time to finish with a bang! In the event that you didn’t reach your goals, you can reflect on why that happened and implement changes for the year ahead.
Rest and relax for the year ahead
We know it is hard for a business owner to really settle in and enjoy the holiday season; but, it’s important to try. Be sure to schedule yourself some vacation days to reset, relax, and rest up for the year ahead. A well-rested leader is more likely to offer positive support, guidance, and assistance to their team members and we all know that happy team members make for a successful business.
Is your business ready for the New Year?
Do you feel prepared and accomplished as you close out your 2022 business year? If not, let us help you kick the new year off right! At RMC (Royal Metis Consultancy), we help entrepreneurs to develop spa and salon businesses from concept creation and market analysis to design to branding, and everything in between, including coming up with better business processes to help close the year. If you are feeling a little overwhelmed, or a lot, let us help get you started in the right direction.
Contact a member of our team to learn how we can help you.