News
Year-End Financial Planning for a Bright 2024
Set your business up for success in 2024.
The best way to see where to invest and improve for the new year is with a year-end financial review. A few key areas to focus on:
Goal Accomplishments
Celebrate your company’s highlight reel. Once you’ve mapped out what the year’s goals were — you can talk about how you accomplished them.
Next, look at any challenges your business faced. Any missed opportunities in the last 12 months? What can be learned from both your wins and your misses?
Misses and mistakes can give you the antedate to inspire change within the team. At the same time, your wins can be used for motivation forward and as a strategy that you can refine as you go.
Key Performance Indicators
Numbers are a big part of your company’s story. A review of financial statements, growth rates, retention and customer satisfaction stats will give a good picture of how you’re doing.
Your key performance indicators (KPIs) are the easiest way to spot where to lower or increase spending, and reallocate funds to areas that can make you more money — digital marketing, vendors, equipment, employees, etc.
Pro tip: Creating simple visuals (pie charts and infographics) will make numbers a lot more digestible. Try an AI tool like GeniusReview, which comes with a free trial.
New Opportunities
Once your annual review is checked off — it’s time to start paving the path for 2024. A round-up of fresh business goals is key. These can include things like truly understanding customer needs and wants, improving financial acumen, or leading various marketing initiatives.
By listing and sharing out new goals, you can give your team the big picture, so they’ll be on board to work towards them more cohesively.
Need advice for the new year? Contact us! We help with customized accounting, auditing and taxation needs: 780.461.3800.
All Posts