“I am grateful for the success of my business and I am excited for the next phase. I am organized and prepared for a seamless transition into the back-to-school season.”
As the summer sun sets and the back-to-school season approaches, I find myself reflecting on my business journey up til now. This time of year serves as a gentle reminder to begin planning and organizing for a seamless transition into the next phase.
In my earlier article, I discussed how treating my company like a proper business from day one has led to 15 successful years of running an award-winning company.
I want to emphasize this point because as entrepreneurs, we need to maintain good accounting records for financing real estate investments.
If you, like me, have children embarking on a new school year, this period offers an excellent opportunity to put your business affairs in order.
The familiar rhythm of school days and hours reintroduces a sense of normalcy to my everyday life and allows me to prepare for the upcoming fourth quarter, end-of-year deadlines, and business planning season.
Proper preparation and strategic positioning are crucial. So as we watch our children return to the classroom, let us find inspiration in this annual milestone to ensure our own professional success for seasons to come.
For example, if you plan to make large purchases or investments in the following year, will your current year’s taxes put you in a more favorable position for underwriting?
If so, you will want to get your business taxes filed as quickly as possible the following year to take advantage of your strong business year to get better terms on your loan.
Here are seven ways you can get your business affairs in order during this new school season:
- Review and Revise Your Business Plan and Goals for the current year.
A solid business plan is essential for success, and you should update it regularly to reflect changes in your market, industry, or target audience. Use this back-to-school season as an opportunity to assess your goals and make any necessary adjustments.
- Set New Goals
Back-to-school season can be a great time to set new goals for your business. Take some time to reflect on what you accomplished this year and create new goals for next year. If there are any unmet goals from this year, you can move them to next year and give them the proper focus, time, and planning. This may involve adjusting budgets, reallocating resources, or adding new sections that address areas needing improvement.
—Some examples are setting revenue targets, creating marketing plans, or expanding into new markets. Make these goals SMART – Specific, Measurable, Attainable, Relevant, and Time-bound) to ensure they’re achievable and can be tracked effectively.
I like to take it a step further and also assign roles of who will be responsible for executing and overseeing these initiatives. Remember, delegate, delegate, delegate.
- Organize and Review Your Finances
Just as parents review their finances before enrolling their children in after-school activities or purchasing necessary school supplies, it’s essential for business owners and entrepreneurs to conduct a thorough audit of their finances heading into the back-to-school season.
One of my favorites is to conduct a technology audit. This should be done annually. A technology audit requires you to take a closer look at your software subscriptions and determine where you are overspending.
Are you paying for subscriptions that have duplicate functions? Have some software subscriptions expanded their offerings which makes another subscription obsolete? Completing this task can save you lots of money and streamline applications for your team.
There is nothing better than increasing your profits by eliminating extra costs. Or, you may have just found your marketing budget.
Also, examine your cash flow, budgeting, expenses, and forecasted revenue for the upcoming months. Ensure all financial documents are up-to-date and organized, making it easy to access and review pertinent information as needed, and that you are ready to get your 1099’s out in January and file on time.
Identifying any discrepancies or potential issues early on can save you from potential headaches down the line and make sure to hire professionals to ensure your finances are in good standing.
I retain a third-party bookkeeper and my third-party CPA reconciles my books monthly.
- Streamline Operations
For me, this is about creating training so my team can go deeper with our software and systems. I find that most business owners have the systems or software in place, but are not effectively using it or maybe the new and improved features that were released during the year have not been implemented and are being used in daily operations.
Becoming proficient in all aspects of your software can save you money, improve efficiency and increase the productivity of your team.
- Evaluate Employee Performance
As summer comes to a close, it’s a great time to evaluate your employees’ performance thus far this year. Look for areas where they’ve done well and areas where they need to improve. Then, create individualized development plans to help them grow and achieve their goals.
This provides a roadmap for employees to improve their skills while managing their expectations about promotions or increased responsibilities. Regularly scheduled check-ins with employees can also keep them motivated during this busy season.
- Evaluate Marketing Strategies
Have you considered updating your marketing strategies? Now is the perfect time to revisit, adjust, and assess which tactics have been effective in reaching your target audience and identify potential areas for growth or new campaigns.
Consider updating your social media platforms with fresh content focused on the back-to-school season, if it makes sense for your brand or consider collaborating with other local businesses for more visibility and creating allies that could lead to future opportunities.
With seasonal changes on the horizon, take advantage of this time to re-engage with your clients with updated messaging that speaks directly to their current needs and your projected goals.
- Update Policies and Procedures
If there have been any changes in the way your business operates or new policies and procedures have been implemented over the summer, now is the time to update your employee handbook to make sure everyone is on the same page.
This includes changes in hierarchy, reporting lines, sick days, vacation policies, and security measures. Also, it’s a good idea to have your team sign off and acknowledge that they’ve received the changes.
In conclusion, take advantage of getting back into a regular routine and make sure your company is in sync with that rhythm.
By implementing these 7 practical strategies, you will be better prepared to tackle the opportunities ahead with ease. As you move forward, consider the lasting impact that organization and preparation can have not only on your business but also on your personal life, and strive to make these habits a permanent part of your routine.
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I’m super excited for us to continue on this journey together! 🏠💕