As the year is coming to a close, business owners are busy looking at revenue and their company’s position. A lot of them may feel that the targets set for 2013 are not met. However, all is not lost and with careful planning and implementation of the same, you can help the business meet pre set goals in the last quarter.
Introspecting the Last Quarters
Before setting this right, it is necessary you take a look at how things were in January. It may so happen some goals have been met while some can be completed with some efforts. You can focus on the strengths of the business to achieve the goals that are yet to be met. Some tasks will also require serious attention. Maybe you cannot achieve target in those areas but improvements can surely be made so that your company does not end the year on a dismal note.
Set up Action Plan
First think of how much time is left and what tasks are yet to be completed. Then, prepare a daily action plan for our employees and specify what additional targets need to be made for profit of the company. If necessary, chalk out specific plans for separate department in the company to increase revenue through channels where the business prospect is more than others. It may also be necessary to hire some workers on interim basis to meet the target in specified time.
Take a look at the Finances
After you prepare the daily action plan for your company workers and separate departments, have a look at financial aspects of the business. Focus on tax and expenditure that may be due. It is necessary you get company finance is shape. Have a detailed meeting with the finance department employees if necessary. Some company CEOs also hire third party and veteran financial advisors and management professionals to take stock of company finance aspects. However, do not keep the focus singularly on tax related aspects especially at this time of the year. Do not make any unnecessary investments to avoid paying tax. You will need money ready at the beginning of next fiscal year. This is one mistake some small business owners often commit.
Calculate the ROI Carefully
The year-end preparation must include an analysis of results that you were expecting to achieve. You need to see whether the areas where you invested money are returning revenues or not. This can include marketing, online promotion and campaigns, social media promotions and other modes of business advertising. It is also necessary to see which of these channels are returning maximum customer response and brining in repeat customers. Calculate the return on investment for every channel and devise accordingly.
It may also be the ideal time to start planning marketing as well as PR strategies for next year. You will need to come up with new plans and concepts for product promotion in New Year.
Focus on the Workforce
There is no denying your business cannot thrive and attain the zenith of success without contribution of your workforce. You need to take note of employees who have performed exceptionally and those who have fallen short of expectation in each segment of company. Accordingly, you can use reward and motivational schemes to provide required juice to the workforce.
It is also necessary to find employees those are performing below level consistently. If necessary, you can replace a part of the workforce to enhance productivity and improve workflow. However, such steps should not be drastic. Conveying your appreciation of their efforts can act as a morale booster for the well performing employees.
Evans is a blogger and he is currently associated with GreenKnightllc.com which has the best collection of Green Knight Pressure Washers.