A Checklist for Preparing Your Business For the End of the Year

As the end of the year is quickly approaching, preparing your business for success is essential. Whether you are a small, mid-size, or large business, tying up loose ends and reassessing your processes is vital. Work ethic and passion take a company far, but process improvement and refinement will take a company even further.

With special attention to revenue goals, late invoices, and your customer support process, you'll have what you need to improve your business processes to ensure your team can enter the new year ready to conquer.?

Set revenue goals for the new year

Set a revenue target at the start of the new year as a road map for the leadership team. Without a monetary goal, initiatives, marketing plans, and workforce selection have no foundation to stand on. A clear, measurable, specific, relevant, and trackable revenue goal will inform the methods or initiatives you enact. It will also help you identify when a process is or is not working sooner rather than later.

As you review your year-end financial reports, identify your KPIs and measure how well you met those goals, is the trend moving upwards or downwards? Analyzing those reports and considering the reasons behind the incline or declines will be helpful information for your upcoming financial plan.?

Follow up on late invoices.

Clients and vendors have their own businesses to manage. So, keeping them updated with your terms will be your full responsibility. If you have any outstanding balances on payments with clients or vendors, take care of those as quickly as possible. Also, review how you can budget for the end-of-the-year unexpected costs. And if you're waiting on clients or vendors, send follow-ups on late payments.?

Consider reviewing your payment terms with clients and strategizing how to remind them of your policy better. Don't feel pressured to change your terms. Improve how you enforce them.

Audit your customer support process

Review the design of your customer support process. Is your business available for contact through multiple channels? Email, phone, text, etc.? And for your mainline, is there a designated employee responsible for taking those calls? Do they have an accurate and updated call transfer guide?

It's common for businesses to assume something is wrong with their website because no one is emailing them. When in reality, the contact information is routed to a deactivated email or an email to which no current employee has access. Ensure the phone, email, and other communication channels are appropriately routed. Who is checking new messages, and how often? And if your team lacks the workforce to improve customer support, consider implementing more automation. A computerized representative might be a better fit for your customer support line.?

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