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.
You’d be forgiven if you felt like this isn’t the end of the year. After such an outlandish run, I’m sure that many of us are left feeling a little disembodied from time or place. And while we’ll talk about these feelings this week and in summing up the year, there’s been a number of recent developments worth highlighting for our 3 Key Business Actions.
Although only semi-related to politics now, the media seems to have latched onto the Nashville attack being some sort of conspiratorial anger at 5G. Regardless, we all held our breaths, assuming it was more nefarious. But like the 2017 Vegas attack, I doubt that we’ll ever be given any real specifics.
In other political news, late last night, Trump signed the lard-filled “stimulus” bill despite saying he wouldn’t. But with a catch: he’s invoking the 1970s’ Impoundment of Control Act alongside it. If this has teeth to nix line-item details, bureaucrats might have to play ball or risk being seen as the problem. Interesting to note how Trump has gone from being on the defensive to the offensive with this decision.
On your economic front, holiday spending was clearly down in a very bad way. Early numbers I saw indicated by about 13% year-over-year. How long can businesses continue to operate as non-profits? And how many business owners have realized they were tricked into destroying their own local economies? We might get the answer to those questions sooner rather than later.
And on that note and for cultural and social happenings: a whitepill from my holiday weekend. After all the cheer of Christmas day, I had an opportunity to go out on Saturday. But it wasn’t just any outing. In fact, in spite of a government mask mandate in my area, the business wasn’t following any rules. Zero masks, no social distancing, nothing. Not even the employees. This is rare in my area, and we enjoyed finally getting out for a good time. A 2021 trend of something bigger in the economy? Let’s hope so.
3 Key Actions You Can Take to Strengthen Your Business This Week
- Re-prioritize your customer and client contact list for new revenue
A few weeks ago, we talked about doing a financial health review of your customers or clients in light of the devastated economy. Now’s the time to put that assessment into action. Prioritize the highest value prospect segments with the intent to increase cashflow into the first quarter.
- Check your backup system (or create one if you haven’t yet)
At the end of the year, I like to take stock of where my processes are for backing up critical information and resources. Since this week will probably also be a slower business week in many professions, this is a good time to ensure these systems are running smoothly. And to deal with any kinks. If you haven’t created a digital backup system, what are you waiting for?
- Talk to your accountant and set a course for 2021 taxes.
Taxes, taxes, taxes. We’re not done with them yet. I’ve always been surprised by business owners who end the year in a financial mess… only to let that mess slid into the next year. Even if you’re small and don’t yet have an accountant, you can use this week to set a new course for taxes in 2021. Something as simple as a special folder where you jam all your receipts for write-offs next year can make a difference. And if the rat’s nest of 2020 challenges was any indication, you’ll thank yourself for this one.