Every CEO or executive director knows that there are things that must be done at the end of the year to leave everything in order in their organization, such as finishing unfinished aspects of the previous months and planning new activities aimed at the first quarter of next year.
The activities before the new year related to the analysis of achievements and objectives during the year are important to close cycles and propose new ones for the future. Therefore, if you consider that you have many things to do in your company before the end of 2023, here are six of them that we consider important.
1. Adjust and update your business plan
You probably don’t want to know anything about figures or indicators until January, but the truth is that December is the right month to update your business plan for next year.
A business plan is your letter of introduction when seeking financing and new business allies. If in 2019 your numbers were positive and your objectives were met, you must update your business plan with these results, as well as with the new goals proposed for the following year.
2. Review compliance with objectives
Among the things to do before 2020 is to verify that the objectives set for 2019 were met or not and how they were achieved if applicable. The results of this analysis may indicate that there are unfinished objectives that require priority for the following year. Analyzing the fulfillment of objectives is important because it can show that, although the set goals were achieved, the means to do so was not the most appropriate.
3. Thoroughly review monthly reports
Due to work dynamics, perhaps you have not adequately attended to the reports made by your company’s departments throughout the year. Therefore, among the activities before the new year is examining all operational, financial, risk and sales reports made month by month.
Rereading the reports implies analyzing them with a different perspective, which will not be influenced by the incessant work rhythm characterized by the immediacy of the business world.
The importance of carrying out this activity at the end of the year is that you can take your time with each report, have a deeper interpretation of the data and analyze the performance of your business over the course of 2019.
4. Execute postponed decisions
Don’t worry if, throughout the year, you had to postpone some decisions to make them later. The work pace is hurried and does not provide many comforts to choose appropriately. December is relatively quiet, so among the activities before the end of the year is scheduling and giving a specific date to those postponed activities.
Taking care of unfinished activities at this time will optimize your company’s situation with a view to 2020, as it will allow you to think strategically about how to finish them for the following year, create a schedule of activities and give continuity to those projects.
5. Gather your work team
December is an excellent opportunity to organize meetings with your work team and get their perspective on the activities carried out throughout the year. These work meetings are important to take stock of results.
The Economist indicates that these meetings are a good opportunity to propose a self-evaluation exercise, as well as to communicate what has been done, what has worked and what has not, and reward your team for the effort invested.
6. Vacation!
December is the last month of the year. It culminates an exhausting and demanding period for you that brought with it joy and reasons to celebrate, but also moments of stress. Therefore, among the things you should do at the end of the year is to rest and recover energy to face 2020 with the best disposition and spirit.
Take advantage of your days off to reconnect with your loved ones, go on trips and explore new destinations. We recommend living experiences that help you briefly forget the complexity of the business world.
Research carried out by Bullfrag indicates that the end-of-the-year holidays are necessary to refresh the mind with new activities and interests, and also to reflect on the direction you have chosen and project yourself into the future.
In short, loose ends are dangerous, leaving things unattended from 2023 can have a negative impact on your 2020. Meet with your employees, reread the reports for each period, contact the investor who caught your attention but who you could not get to know more about. background, etc.
Unfinished business can mean the difference between a successful 2024 and a 2024 without strategies. Taking care of all the things that need to be done at the end of the year will give you security, confidence and knowledge.
