It’s December, can you believe it? If you’re in business and the last month of the year got here faster than you can wrap your arms, thoughts, and branding around, don’t worry because we’ve got you covered. Whether it’s two days or two weeks till the end of the year when you’re reading this, know that you can still have a December to remember: go out with a bang while preparing for the following year.
With every start of a new year comes big hopes, goals, and plans for businesses and individuals alike. Because at the beginning of every year comes the promise of this being the year your dreams come true, whatever they may be. The second chances we feel and know are innately built-in with every new 12-month cycle that rejuvenates us in giving it one more try. As the year comes to a close, we instinctively begin to reflect on what has happened and compare it to our expectations for said year.
While this kind of reflection typically occurs throughout the year, it is usually done in December when we evaluate both the positive and negative moments that made the year memorable and eventful. The end of the holiday season is an excellent opportunity for businesses to assess their wins, learn from their experiences, and identify valuable lessons. By doing so, business owners can uncover opportunities for growth and make strategic adjustments that will help them remain competitive and sustainable.
At Credico, we value the end of the year as the best opportunity to reflect and assess. Our approach to this end-of-the-year evaluation is a simple three-step process easily understood by the acronym R.U.G. In life, as in business, we need not sweep things we find embarrassing or uncomfortable under the rug. We avoid any “I’ll do it later” procrastination or out-of-sight, out-of-mind thoughts because when we don’t deal with things, they come back around at often the most inconvenient time.
This guide is to help any business that wants to implement a good process for dealing with the hard stuff in business. Stay on top of your R.U.G. because the end of one year is the best time to prepare for the next.
R: Review
December is a good month to review the year before and prepare for the year ahead because that is typically when a business’s fiscal calendar comes to a close. If not in December, some businesses wait until the end of January to close their books to account for the final sales of the holiday season. The year-end review process can be tedious, but it can also be fun. Let’s face it: as you’re going over the activities and experiences of the year, some of them may have been less than spectacular, but those are where the lessons lie. During this review period, your team evaluates your overall performance and identifies areas of improvement and where your strengths are. Simultaneously, this is an opportunity to celebrate and recognize team and business successes, going over your financials while ensuring you’re in compliance.
U: Update
Staying up-to-date takes work. It takes discipline to ensure that your contact information, calendar of events, and more are all current. Updating any outdated information may take you away from your current tasks, but it’s necessary to take the time to verify that all information is accurate. Doing this in real-time will ultimately save you time in the long run, allowing you to focus on other tasks. Additionally, ensure that you comply with any legal changes made or will become a regulation in the next year. This is crucial to the R.U.G. process. It is essential and highly recommended that businesses invest in continuous compliance. Your end-of-year review session can help your team identify the need for and cost of this. On average, about 25% of a business’s revenue goes towards compliance because it is the legal arm of your brand and how you not only stay competitive but also legal. Any compliance issue can lead to a major financial hit because a non-compliance issue can cost your business roughly $4 million to settle.
G: Gather
Business gatherings are great for morale and your brand’s reputation. These gatherings can be throughout the year and serve two purposes—to come together on a personal level and to get your business affairs together with everyone in the room (even if it’s virtual) and on the same page. We recommend businesses look at how often they get together and make the times they decide to gather annual (or even more frequent) repeating events. These events can be local meetings, retreats, or holiday parties. It’s key to make sure you balance the objectives of your meeting—to celebrate each other and evaluate our goals and growth.
We see the end of the year as a time to get down to business. It’s an opportunity to observe and adjust, as that is how we go with the ebb and flow of life and business. If your business needs assistance preparing for the coming year, reach out! After you’ve reviewed, updated, and gathered your team, we can help your brand excel in the areas you identified where you could use our expertise to help you go into every year confident and capable.