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Joe Marconi

Shop Owners! October is here; end of year tips for a stronger future

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October starts the year’s fourth and final quarter. A time where shops begin to reflect back on the year and look toward the next year. For many of us, it’s been a wild roller coaster ride, for others not so bad. That’s business, and we all know that there will always be good days and bad days.

 

The key thing to remember as leaders of your business, is to always be looking to the future. Learn from the past, but don’t dwell on it. Become more proactive. Try different things and don’t be afraid to fail. Through failure are valuable lessons.

 

Set your sights high and remember to begin planning now for 2016. Don’t wait until the end of the year, or even worse the start of 2016. The earlier you begin to dissect and analyze the current year, the better position you will be to improve your chances of a more successful future.

 

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    • By Joe Marconi
      By now you have a pretty good idea how 2016 will end up. Are you going to achieve your business goals? Your personal Goals? That’s not to say you can make up ground or work hard to do even better. But, as we close the third quarter for 2016, it’s time to review the year, revisit your goals and start planning for 2017.
       
      It all starts with reviewing your financial situation. Set up a meeting with your accountant. Discuss your 2016 projected sales and profits. Don’t wait until 2017 to do this. There are many tax implications that need to be addressed before the end of the year. In addition, you need to review all your expenses and payroll in order to reestablish your breakeven sales number; and to also create your 2017 budget.
       
      This is also the time to review your marketing plan and budget for 2017. Lastly, you need to perform an audit of your facility. Inspect your facility and equipment. Is it time to upgrade equipment? Are there any building or facilities repairs needed? Needed training?
       
      Planning for the future is planning for success. And while there is no “perfect” plan, not planning is a path to eventual failure.



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