Happy almost 2021!
My blog focus for 2021 is…Managing Your Business. Month by month, I will share what I am doing to manage my business. The nuts and bolts you don’t want to forget to do or put off doing until the last minute. These tasks are not the glamorous part of being an entrepreneur, but they are essential to protect your business. I’ll also try to sprinkle in other blog posts throughout the year that are a bit more fun!
Managing My Business – January Activity
Since I started my business in January, it is the month where I need to attend to annual activities. Such as:
- Review and renew the business insurance policy
- Renew the State business registration
- Send notice of the annual meeting of the Shareholders and Board of Directors (my business is an S-Corp, and we are required to hold yearly Shareholder and Board of Directors meetings)
- Run P&L and make any necessary corrections to Quickbooks entries
- Renew association memberships (NAPO, ICD, NASMM)
Not attending to these tasks would leave my business vulnerable. So, you better believe I will make sure they get done and on time.
At the beginning of each year, well, really the last week of each year, I review the current year’s business plan. Specifically, I look at the goals and associated objectives I made at the beginning of the year. I decide what to continue based on the met or exceeded goals and look at what to phase-out based on the goals that were not met or fell short. I write my business plan for the upcoming year with those goals in mind and any new goals I want to add. I also review my financials as they are the strongest indicator of where I was successful and where I fell short. I learned early on that having a written business plan and a financial plan are strong drivers for my company’s success.
2020 has certainly been one for the books. My business plan at the beginning of the year quickly changed in April. Thankfully, I was able to pivot in a direction that was the correct course, and my business is on track for ending as another successful year.
What are you working on in January to manage your business? Share in the comments below. We can all learn from each other!
I hope this information is helpful to the success of your business.
My focus for my 2020 blog posts was Working With Clients
2019 I focused my blog posts on Growing Your Business