End of Year Approaching: Review, Revise, and Plan for your Business & Bring on the New Year!
The end of the year (based upon your business/entity utilizing a calendar year end) presents opportunities to assess the current year AND plan for the next year based upon the year that has been. Analyzing the past year performances provides a more enriched opportunity to develop plans for further future success in the next year. To perform an effective analysis of the ending year performances and results, you should consider review of business performance using clear measures/metrics that provide an understanding of relevant aspects of your current business operations. Certain actions which businesses can utilize to review the ending year can then support, and be applied towards analysis, and planning for the future, such as:
-Review your actual business performance against your budgeted performance to understand how well you prior projections played out;
-Review the main aspects and key drivers of your business and compare how these may have changed over the last fiscal year or several years (spiked or slumped business performance);
-Prepare a forecasted budget for the coming year including known variables (although cannot predict the future, same can forecast in the next quarter or two based upon prior year);
-Review and consider the current state of your business plan and strategy, which may have shifted (slightly or substantively);
-Review your key members/employees and their performance, where same are often the most important assets, to then determine additional training, support, or other to achieve certain and or identified goals; and
-Plan, plan, plan. Based upon a thorough and detailed data review and assessment, planning clarity will arise and can be more effective.
At the end of the day (and year!) businesses require continuous maintenance and review/analysis to be able to plan for a better and brighter future. By properly reviewing the year that has been, and then planning ahead with priorities in better focus, and engaging your staff and partners as to same, your business will be more ready to hit the ground running towards next year’s goals. Contact us and all of your team of trusted advisors to assist with same.
DiMedio Law is a New Jersey Business, Corporate & Real Estate law firm whose practice includes business services, planning, formations, wind-up & dissolution matters. Contact us at [email protected] or call us at 856-428-5577.
DISCLAIMER: This advisory is for general information purposes only. It does not constitute legal advice, and may not be used and relied upon as a substitute for legal advice regarding a specific legal issue or problem. Advice should be obtained from a qualified attorney licensed to practice in the jurisdiction where that advice is sought.