As the snow gathers on the rooftops and the holiday season is upon us, it’s a great time to reflect on the year. And what a year it was! When you review the last 12 months, consider everything that is working and not working in your business. 

There are many ways to slice the business operations pie. Here are some key areas you may want to look at when evaluating your performance this year. 

1. Finance & Accounting – Use the right software and maintain accurate records.
2. Systems & Processes – Audit your working procedures to smooth out kinks.
3. Legal – Check out our article in January 2021 for more on this topic.
4. Sales & Marketing – We will cover this in our February and March Updates.
5. Human Resources – This will be the topic of our April 2021 Update.

That’s a lot to think about! First of all, recognize and celebrate your successes. Then identify the most important and urgent actions you need to take to improve your operations, it’s helpful to prioritize. Here’s a handy chart to help you identify how to manage your time … any time of year.

Follow the Money

What you focus on grows. The key to financial success is to pay attention to the money. Where is it coming from and, more importantly, where is it going? It’s easy to lose track when you are in the midst of high season. Take the time now to make improvements to your financial systems and processes. 

If you need help in this area, get support from a professional bookkeeper and/or accountant. They’ll get your records and tax filings in order, so you can focus on other priorities.

If you plan to maintain a DIY approach to your finances, then make sure you consistently use a software that is right for your business. There’s no sense in paying for more than you need. Start with a list of features you want. Things like a mobile-friendly app, easy receipt scanning, payroll, invoicing, etc. Then determine what you don’t need, maybe things like inventory tracking. Keep in mind, your needs may change as your business grows. 

It’s good to compare the different subscription-based services, like FreshBooks, QuickBooks, or others to see where to start and add-on features as you go. Check out this article for 8 of the best accounting software options for small business. Review your options. Then make the time to set it up and use it!

Additional business operations support

If you need even more help with your business, the BDC (Business Development Bank of Canada) is a bank that is designated as a B Corp. Which means their reason for being is to support small/medium-sized businesses. They have a wealth of free resources available on their website. Check out the free webinars here. All you need to do is sign up to get access to a wealth of business advice.

Kick back, relax and enjoy the holidays!

Take time to regroup, decompress and be with the people you love. You need some rest and relaxation in order to recharge for the new year.

Enjoy the season!