Understand year end financials, connect, set up 2024 for success, plan 2024 calendar.

It’s full-fledged fall here in the Midwest, and I’ve been busy running around the house unhooking hoses, cleaning up leaves, and generally getting the house ready for winter. It reminded me that, just like our homes, our business needs to be “winterized” each fall.  Here is a short list of fall check up items essential for every business owner. 

  • Step 1: Understand the year end financials. Schedule some time with your business advisor or accountant to review the following: How much profit are you set to make? What impact will that profit have on your tax bill? Are there any investments, bonus’, pre-payments or retirement contributions that we want to make to adjust what our year end profitability and tax liability look like. The worst year end news is an unexpectedly large tax bill.
  • Step 2: Connect. Whether it is business holiday cards, holiday socials, or client thank you gifts – Q4 is a great time to check in with your clients on a personal level. How are they looking at 2024? What big challenges do they have for the coming year? While new business often doesn’t close in Q4, there is a lot of foundation setting that creates a prosperous Q1. Make sure to check out a spot-on favorite post from Builden Partners on how to hit the right tone during your holiday client outreach.
  • Step 3: Set 2024 up for success. Our 2023 goals are either well on their way to being achieved, or we’re going to miss them. It’s often too late to meaningfully impact your 2023 goals at this point. And too often we fall into the trap of being focused on year end while 2024 sneaks up on us. Let’s change that. Ask yourself: What can we do now that will start the year off right? What jump starts would be helpful? Are there key dates in January or February that need our attention now?
  • Step 4: Plan your 2024 vacation. One of my goals for 2024 is to be intentional about how I use my time, and what my schedule looks like. Hence, I’m planning my 2024 vacations as I write this. It’s harder than you’d expect – as it requires me to look at conference dates for 2024, business commitments and coordinate with others. It feels good to have all this business intelligence in place for next year, and also know that I’ve got some fun trips to look forward to.

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