While employees spend the holidays relaxed and festive, many business owners are secretly fretting over whether they crossed all the t’s and dotted all the i’s before the end-of-year close.
All you want to do is unwind, sip some cocoa and give your family your undivided attention. But you can’t keep your mind from wandering back to work.
Maybe you missed a few goals this year, and you’re worried next year will bring more of the same. Maybe it was a year of growth, and you’re not sure if you’re set up to keep the momentum.
It’s critical to spend the weeks before break pulling your socks up, getting organised and planning ahead for a successful year.
Follow our end-of-year checklist so you can spend your break opening presents and decking the halls, not opening emails and making calls. Come back in January relaxed, recharged and ready to go.
1. FINALISE THE YEAR’S FINANCES
End-of-year is a critical time for the accounting team. Like everyone else, they have regular tasks to wrap up before the break. But they’re also under pressure from executives, investors, auditors, even the partridge in a pear tree to make sure the year’s numbers are complete and accurate.
Your end-of-year financial close should include accounting for all inventory and fixed assets, making adjustments for damage and depreciation. Make sure all transactions for the year are recorded and all accounts have been reconciled.
The financial data from the past year has a lot of influence on forecasts for the coming year. As you review the books, use that data to refine next year’s budget.
If your fiscal year and calendar year are one and the same, you can relax over the holidays knowing you’ve locked in data-driven numbers.
If your fiscal year doesn’t match the calendar, you’re probably about halfway through. So it’s still a good time to check in and make a few tweaks if budgets aren’t performing as expected.
Once your finance head has reviewed and approved the numbers, lock them down so no one accidentally changes anything.
2. HOLD END-OF-YEAR PERFORMANCE REVIEWS
December’s a natural time to assess performance and set new goals. But if you treat performance reviews as a tick-the-box exercise, those goals have about the same odds of making it past Easter as your average New Year’s resolution.
A successful performance review is a dialogue, not a lecture. Instead of listing an employee’s shortcomings, explain how missed targets affect the team.
Invite the employee to help you brainstorm ways to close the gap. Ask if they have everything they need to be productive: like tools, training, the right environment and support.
Trade criticism for concrete ways to improve. “You need to work on your presentation skills” isn’t nearly as helpful as “Your presentations would be better with more background information to add context.”
Ideally, you’re meeting with your direct reports quarterly to talk about what’s working and not working. These quarterly chats keep managers and employees aligned on goals, their role in the company and their commitment to company values.
If you’ve been meeting quarterly and making minor course corrections along the way, the annual review should go quite smoothly, with no surprises.
Help employees walk out of their review with a clear understanding of what they do well, what to improve and how their work contributes to the organisation. You’ll both be amazed at what they can accomplish with an action plan and a sense of purpose.
3. GET THE TEAM IN ALIGNMENT
When your team is in alignment, everyone understands how their work moves the company toward its big goals.
Over the course of the year, it’s easy for individuals to get caught up in their own personal and department goals and lose sight of the big picture. End-of-year is the perfect time to get back on the same page.
Remind the team of the company’s goals and objectives, including the “why” behind each goal. Give each department a chance to share their key wins and challenges.
You probably haven’t achieved all you set out to do. Talk about the times the team fell short and why it happened (without casting blame). Discuss the problems and opportunities that arose and identify the path forward.
4. THANK YOUR CUSTOMERS
Your team may be aces, but your business wouldn’t be anywhere without its customers. Client appreciation is a key part of end-of-year close.
An email blast is efficient, but it doesn’t conjure quite the same fuzzy feeling as a handwritten card. You could turn it into a team-building experience by inviting staff volunteers to gather and spend an arvo writing cards together.
Worried a card will head straight to the bin? Step up your efforts and use a service to send thoughtful client appreciation gifts.
You could really go all out and host a special event for high-value clients. Whether it’s traditional like a cocktail party, casual like a beach barbecue, or unique like an art workshop, hosting your clients as guests makes them feel like one of the family.
5. MAKE TIME FOR STRATEGIC PLANNING
One thing sure to put a damper on your holiday cheer is the nagging feeling that you’re not ready for January. It’s vital to your business’s success that you set aside time for deep planning.
Gather your leadership team and go offsite (or at least shut the door). Clear everyone’s calendars for the day; there is nothing more important for them to do.
Now it’s time for a frank discussion about the past year. What worked? What didn’t? Did you hit your KPIs? Where does the company stand heading into the new year?
Need some tips on building a solid business strategy? No worries.
Think about your strategic goals. Companies evolve; make sure your vision and business plan are aligned with where you want to go in 2025.
6. MAKE THIS THE YEAR YOU LEARN TO DELEGATE
When you’re planning your goals, remember the only way to do it all is to not try and do it all.
You have a limited amount of time and energy. Delegate less-vital tasks so you can spend your precious focus on what moves the needle.
Start by listing all the things you do in our handy Covey Quadrants. Time is money, and yours is worth a lot. Is the company paying you an executive salary to handle tasks a subordinate or contractor could manage cheaper?
Imagine how it would feel to come back in January and dive right into the most important work instead of fiddling about with headaches like an email backlog.
WRAP UP THE YEAR
Ask your family how they’d like to wrap up the year, and you might the song was right and all they want for Christmas is you. 🎶
You’ve worked long hours all year to make your business a success. Now it’s time to turn off your phone, shut down your laptop, and spend the holidays with the people it’s all for.
Let our team of elves help you. We’ll put a bow on the old year and get your new year’s plans tuned up and ready to go. With all the details sorted, you can let go and enjoy the holidays with the people who matter most.
