Recoup in January

January 23, 2017 by Ed Becker

January tends to be a slower month for most businesses. There is usually at least a short lull after the rush of the holidays, and consumers are resting from spending. January is a great time to recoup. The holiday season can wreak havoc on organization and the small details of business. Take this lull in activity to recoup and to tie up loose ends.  This will help reduce the stress when business picks up and tax season hits.

Tie up loose ends

The holiday season can create many loose ends simply because it is so busy. Not only is business busy, but you and your staff have personal things going on, time off, and things can just get left undone. Ensure that these items get caught up quickly to save you headaches later.

Review your year

• This is a perfect time to review all aspects of your year.
• Did you accomplish your goals for last year? If not, why?
• Did you stay within budgets? If so awesome, if not why?
• Is your inventory low or high? If you have items that are in abundance you could do a January sale to increase business while it’s slow.
• Review your staff during this time when you don’t have to rush so much.

These are items to review so that you can set new goals and budgets for the new year.

• Ensure your tax & payroll items are completed

If you had seasonal staff that is no longer with you, you can update their payroll records, prepare W2s, etc. It is also a good time to update personnel files and payroll information to ensure you have up to date personal information on staff.

Did all your end of year tax reports and forms get completed? Are your books closed out, or sent to your bookkeeper? Getting W2s ready for permanent employees now will be less that must be done later in the month.

• Plan for the new year

After you review last year, this is the best time to plan for the new year. Work on your big vision and goals for the new year. Do projections and budgets, while the information from your review is fresh in your mind and you can plan better.

There are areas that you want to improve in the new year and areas that you want to ensure stay on track. Set your goals and intentions for all of this while you have time and it is still very early in the year.

• Complete a project that was on hold

Those projects that you wanted to complete that just never got off the ground can be reevaluated now. If business is slow you can delegate employees to work on these projects during down times.

If you have projects that you know you want to complete this year, why not start them now while you have some time? If there are not any carryover or planned projects, then brainstorm with your employees to see what you can do to improve projections.

It feels great to be organized and on top of your game. Using this slower time in January to recoup, or tackle items that you haven’t had time to get to helps you start the new year on a positive note! It also can be a great time to give your business a freshening up. The holiday décor comes down, and it may look bland and boring. Come up with fresh ideas to create an inviting space for your customers!