Today's post clarifies some areas based on feedback. As you continue to work through the fourth quarter of 2024, consider the importance of a checklist. A checklist is part of business planning and will include checkpoints and milestones for company goals and tactic completion by category.
Deploying a checklist as a tool varies by business, industry, size, etc. Applied as a strategic tool, the checklist is meant to (1) keep the leader focused, (2) ensure accountability, (3) ensure there are no omissions, as well as(4) project possible opportunities or challenges later down the pipeline. Setting goals is a typical element of operating a business; businesses, whether weekly, monthly, or quarterly. Making sure goals are in front of your team – is an integral part of the business planning.
The end of the year is a critical time for small businesses, and being well-prepared is crucial in ensuring a successful transition into the next fiscal year. CPR encourages adopting a checklist that covers a range of important considerations, including goals, marketing strategies, employee evaluations, and more. A leader should be thinking about tactical and strategic goals. Paying attention to the five below business elements should better position you for 2025.
(1)-Goals and General:
• Take a fresh look at your yearly business milestones and targets.
Are you on track for the year
What is needed for the remaining business days to achieve goals?
Are you on pace?
If not – what amount of lift is needed to achieve goals?
• Consider your priorities.
What are your priorities? List them in order of importance
What can be done with the time frame to move numbers towards the goal?
Eliminate distractions. If something is not related to the goal, put it in the parking lot and revisit it at the beginning of the year. That new tool or program can wait.
• How is planning going for 2025?
Assess where you are and where you are going.
Did the goal post-shift?
Goals and tactics prepared?
Do your research.
(2)-Customer Engagement:
• Assess the ROI of your current marketing strategies and adjust as necessary.
• Implement holiday-themed promotions or campaigns to boost sales.
• Optimize your online presence through SEO, social media, and email marketing.
(3)-Marketing Strategies:
• Evaluate market trends and consumer behavior in your industry.
• Conduct competitor analysis to identify areas where you can gain a competitive advantage.
• Adjust your product or service offerings based on market demand.
(4)-Employee Performance:
• Review employee performance and provide feedback.
• Recognize and reward high-performing employees. • Plan team-building activities or outings to boost morale and team cohesion.
(5)-Accounting and Tax:
• Consult with a tax professional to ensure state and federal tax laws compliance.
• Estimate your quarterly income tax payments and submit them by the required deadlines.
• Gather and organize financial documents for year-end tax reporting.
• Be aware of any changes in Arkansas tax laws that may affect your business.
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