Preparing Your Business for the New Year

Now that the craziness of the holiday season is over, it’s time to buckle down and make a business plan for 2015 to help keep your business on the path of success. Too full of cookies and egg nog to remember how to get started? We’ve compiled some tips to jog your memory and kickstart your new year.

Reviewing 2014

Looking back at 2014, are there things that your business did not accomplish that you thought would happen? Try to determine why goals were left unfinished, whether because of poor time management or a changing market. And what was your business able to accomplish that you’re proud of and would like to continue building upon? Reflection gives you the chance to set more realistic goals for 2015.

Budgeting

A budget, though not set in stone, acts as a guide to help determine your financial actions as you move through the year. Take a look at your revenue and investments from last year so you can project financial goals for this year. However, it’s important to leave a buffer of savings in case something occurs that requires a bit more spending than anticipated, or if annual revenue isn’t quite as high as expected.

Scheduling

How do you plan deadlines for goals and big projects? And then how do you allocate your time to meet those deadlines? Preparing a schedule in advance helps you and your staff stay on track and often increases the likelihood of reaching your business’ goals. Prepare ahead and make time for the things you want to happen this year.

Preparing

Accidents, storms and theft can be unpredictable, yet these events may be enough to cause huge amounts of damage. Prepare ahead by reviewing your business insurance portfolio with your independent insurance agency and making any necessary updates to protect your business’ best interests.