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3 Key Business Actions This Week: Preparing to Call It a Wrap for 2020

Dec 14, 2020 | Business & Enterprise, Short-form

Reading Time: 3 minutes

Benefit each week from the many regular conversations I have while mentoring businessowners across the nation. Every Monday, we boil down all these conversations, then we take stock of 3 easy-to-deploy steps you can put to work when you own a business, small or medium-sized, in any industry. How can you be part of the conversation? Hit me with a short email.

As we near the end-of-the-year, there’s still plenty of turmoil and volatility in various avenues of life. And while I wouldn’t put anything past this year pulling out just one more pinprick of insanity, most are looking to 2021 with a wary eye. Do we even dare ask how much crazier everything can get?

In politics this week: although the Texas case to overturn the election made it to docket at the Supreme Court, it was a no-go. But other legal strategies, including alternate elector voting and a contested election in the House, are being discussed. Still, I’m not banking on those succeeding. It’s still possible but unlikely. So, it all but looks like a new administration, and one set on turning the screws more on regular people, is set to take charge.

Economics: now that we’re getting closer to Christmas time, I think the reality of the economy is finally setting in. From my own personal observations, I passed through our Downtown this weekend. Although there were people out dining and shopping… it was a tiny fraction of what a weekday night would have been years ago, without the holiday season. In other news, keep your eyes on Brexit, as the public can’t be sold on the economic benefits of staying, if the economy is locked down. And this could rock the global dollar landscape.

And on social factors, Bill Gates is out talking about how we need lockdowns into 2022. Even though some people view Gates as some sort of authority figure in epidemiology, he really is just another dumb technocratic mouthpiece. Still, this means we may be getting a taste of the general societal direction over the next year or two. And this even as vaccine rollouts are underway.

 

3 Key Actions You Can Take to Strengthen Your Business This Week

  • Now is an excellent time to do an end-of-the-year review.

And you don’t need anything too fancy, if you haven’t used one in your business yet. Taking stock of the major wins and losses and asking some good questions can go a long way. My favorites are: what unexpected costs could we have better anticipated? What were our biggest “learns” this year? And how did our wins factor into our brand growth? Simple and easy.

  • At the same time, now’s the time to be compiling a list of pivot points.

These are separate from your review. And you should be looking past the start of the year into the end of the first and into the second quarters. From your major losses, brainstorm ideas that could be used to move the business, where possible, away from these problem areas.

  • I’d be remiss if I didn’t mention taxes.

In reality, I’ve seen too many new small business owners get burned because they simply didn’t know to take it seriously. If you don’t have an accountant, start crash coursing on tax write-offs. Most of the common ones are straight forward if you don’t play games. If you’re small, some back-of-the-hand math now can save you pain later. And decide if there are any year-end investments you’d like to make for write-offs. Finally, payroll deference. I imagine lots will be deferring theirs but since mine is already paid through a payroll company, I’m fine taking care of this now rather than later.

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