Last month we talked about doing our annual review. Be sure to do your annual review in the early part of quarter four. Creating your annual review gives you the opportunity to make the necessary adjustments before the end of the year.
Here are seven points of interest when it comes to making the adjustments realized through your end-of-year review.
Are you on target? – This is the recognition of the reality of your current situation. It is our job as the leader of the organization to keep the ship headed in the right direction and under full power. So, are you on target to reach your numbers? Have you had the sales or the number of clients you set as your goal at the beginning of the year? Have you kept your expenses within the margin you expected? All of this should have been discovered during your review and ultimately is the catalyst for the adjustment stage of your end-of-year activities.
Cut the fat! – Do you have anchors in the business? These may be people, products, services, or vendors. These anchors could be underperforming team members that could be better placed in another role of the business or even let go to follow their passion. Also, products or services can become antiquated or suck of resources without bringing significance. Additionally, vendors can change prices and become less profitable or no longer give payment or financing rates that are beneficial which can destroy profit margins!
Adjust your marketing – Sometimes we decide on marketing strategies at the beginning of the year which becomes less effective as the market shifts throughout the year. Are your current marketing strategies still effective?
Simplify – Throughout the year we have a tendency to add things to our business systems in an effort to solve minute-by-minute problems. Now is the time to cut out complicated processes and simplify. Often, the most efficient answer to a complicated problem is the simplest solution. Apply this rule of thought. It’s easier to manage and easier to teach to our teams.
Research opportunities – During your adjustment and review phase you will find 2 types of opportunities. 1) opportunities in your market that you can capture between now and the end of the year, and 2) opportunities in your market that you can implement for the next year. Those you can utilize now should be reviewed and assessed quickly so that they will affect the bottom line NOW. Simple ideas and adjustments are your best bet. You don’t want an idea that will have a long research and implementation process. Things like quick campaigns, challenges, raffles do well this time of year.
Speed of implementation – Speed of implementation is of paramount importance all the time, but especially at the end of the year. If you have an idea and research says it will work, get it out the door!
Remain optimistic – A team, or anyone for that matter, wants to follow an optimistic, positive, and passionate leader. Keep your mindset in check and remain optimistic. Share that attitude with your entire company and they will rally behind you!
You may not need all of these ideas at once, but it bears to consider them during your adjustment period and even into your planning period for next year. Keep your ears and eyes open for opportunities to further reach your market, and become more efficient. Lastly, keep your head up with optimism and passion, because you are the leader and holder of the vision. Keep the Ship heading in the right direction.
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