The Christmas period can be a busy time for service and maintenance businesses. On top of continuing operations and juggling family holidays, you also need to prepare for the new year.
There is a range of things you can review, reconsider and adjust in December to prepare your organisation for the next 12 months. A great way to start this process is to examine how your business has performed financially and strategically over the past year.
Insights from such a review will enable you to create more aligned goals and plans which, in turn, will help you and your team hit the ground running come January 1st.
To help you analyse your financial and strategic performance, and prepare for 2020, we've put together the ultimate year-end checklist, broken down into five categories. Check them out below.
Good cash flow and profit can enable you to grow to new heights, so making sure you're in the clear for the new year is a must. Here are some annual tasks you should aim to complete by the year's end.
Review your balance sheet and Profit & Loss report to compare what you did well and what needs improvement
Review your Income Statement to measure your profitability for the year
Ensure vendor and contract payments are up to date
Chase up any payments owing, work in progress or stock orders
Review the conditions and interest rates on your loans - are they the best value?
Review insurance policies - are you getting the best cover for the rates you're paying?
Verify that your payroll reflects the most current lawful rates
Schedule a meeting with your bookkeeper, accountant or financial advisor for the new year
In addition to finances, there are some general business tasks that you should complete as the year draws to a close. These are important because they will contribute to your overall strategy and performance, helping you to keep operations running efficiently.
Evaluate supplier contracts and terms of trade - are you satisfied with the service?
Review and update your business' disaster recovery plan
Ensure your documented policies and processes are up to date
Consider whether you may need more licenses for the software you are using
Evaluate your cybersecurity measures - are they strong enough?
Organise your files and email inbox
Update your business calendar for the new year
Evaluate your staffing needs for the year ahead - were you understaffed this year?
Review your business website - is the information up to date?
Consider whether your current technology is meeting your needs
Don’t forget to celebrate your business accomplishments for the year with your team!
Employees and Customers
These people are the foundation of your business. Without them, you're neither operating or making any money. At the end of the year, it's important to check in with your employees and your customers, update records and take on any feedback.
Update current and past employee information - if someone has left but was a point of contact for your software provider, who is your new rep?
Conduct performance reviews with your team
Review your customer list and make sure all contact information is up to date
Email out a customer feedback form to evaluate your performance this year
Assets (Customer and Business)
The end of the year is a great time to update customer asset records and ensure your team will be operating with the most recent information in the new year. It's also valuable for evaluating your own business assets to ensure they are meeting your organisation's needs.
Update customer asset records with the latest information
Evaluate your work vehicles - could servicing now prevent issues in the new year?
Review your business' equipment leases
Take stock of your inventory and update records
Review your business' real estate leases
These tasks are a great way to get started on preparing your business for 2020.
Completing them enables you to wrap up any outstanding issues and also touch base with your team and customers before the new year.
simPRO has a range of tools available for end-of-year business reviewing and reporting. To learn more, click here.