Business team in a meetingThe year is wrapping up, and you’re right to focus on the holiday sales and all the profit it could add to your franchise’s bottom line. However, you also need to pay attention to specific tasks that you ideally need to tackle head on so you could start the New Year right. Put these tasks on your must-dos right now so you could welcome the New Year with ease.

Reevaluate Last Year’s Goals

Get your business plan as well as other relevant documents, including your action plan from last year so that you could review your previous goals. Find out if you accomplished your goals from last year—if yes, how, and if not, figure out why.

After answering this question, you could then write your goals for the coming year, keeping in mind what you did right as well as what you did wrong or didn’t do and how you could address your shortcomings next year, suggests a franchise consultant from Accurate Franchising Inc.

Clean Up Your Books

You probably don’t do your accounting, but even if you don’t, it’s a good idea to review last year’s expenses. Take some time to categorize your expenses properly, so you know where your money is being spent.

If possible, run a profit and loss (P&L) statement to check for any discrepancies that you could address prior to handing it to your accountant. This would likewise give you a much better sense of this year’s finances—do you need to lower your spending or increase the budget for specific areas next year? Which ones, and why?

READ  Food Safety: Why Temperature Matters a Lot More Than You Think

Update Your Marketing Strategy

Although you’ll probably continue doing the same marketing stuff especially if it’s working for you, it’s best that you reevaluate your existing marketing strategy so you could make changes if necessary. Remember, technology changes at a rapid pace so you have to make certain that your strategy involves tactics that would resonate to current and prospective customers.

As cliché as this might sound—businesses that don’t plan are those that plan to fail—it’s 100% true. Addressing the above tasks before December even rolls around could help ensure the success of your franchise in the coming year.