Whether or not you can believe it, 2015 is quickly approaching. What have you accomplished? Where has your business taken you? We asked 10 entrepreneurs from the Young Entrepreneur Council (YEC) to share how they are spending the end of the year.
Thanking your people. Our professionals are at the center of everything we do and are the reason for our success. I make it a point to be sure they know that. They could work anywhere but they choose to work with us, and that’s what drives our results.
Too many founders try to do huge advertising bursts at the end of the year in a lazy attempt to hit sales numbers. Huge ad pushes aren’t going to bring in the qualified leads. Instead, founders should be focusing on developing a content strategy for 2015 that allows them to educate, engage, nurture, and close sales throughout the entire year.
I feel like every day I hear about how hackers have gotten their hands on email, banking, etc. passwords. Make it a part of your quarterly updates to change your passwords and notify the appropriate people of the change.
This is a time when budgets for the remainder of the year (as well as for the beginning of the next year) are spent. If you’re a B2B company, take advantage of leftover funds from over-budgeted campaigns and projects. If you’re a B2C company, advertise to customers who have caught shopping fever and are excited to spend their Christmas bonus on new, fun things.
Budget planning and allocating funds for 2015 should be a priority toward the end of 2014. You should also be meeting with clients to discuss their budgets well before the year is out.
Individuals who concentrate on utilizing their strengths, instead of shoring up their weaknesses, are happier and more productive. Apply that logic to your company as you plan for 2015. What comes naturally to your team? Where does your business kill it? More of THAT. And less of the procedures or products that don’t capitalize on your greatest strengths, because they will always be a struggle.
Everyone needs to reset themselves, especially founders. Christmas is a slow time in our industry and the perfect time to take a few days to escape and rejuvenate. That way you can head into 2015 on top of your game and ready to take on the new year.
Either the holidays are the biggest or smallest part of your year. Strategically think about how you can impact your customer for the better and make their life easier. The easier you can make their lives in the last three months of the year, the bigger impact you will have on your business.
Analyze your profit and loss statement and compare it to last year. Use this analysis to project expenses out to year-end. Identify significant book tax differences. Consider the business impact of your corporate return on your personal return. And, of course, consult with a tax professional for advice to minimize your taxes for next year.
Look for other companies in your industry that are willing to work with you to help lower costs from things that won’t hurt each other like purchasing, partnering up on insurance, or signing up together for same services like utilities, credit card processing, etc.
How is your business spending the rest of 2014? Tell us in the comment section below!