The festivities are almost here and about this time of the year, most businesses are slowly closing up for the holidays or depending on the nature of your business this may be the busiest season for you. As you wrap up your business year, here are some tips on closing your year strongly.
You can offer percentage discounts, combo packages, free gifts on any purchase and more. However, remember to keep your bottom line in mind to avoid putting your revenue at risk. Keep the offers within reasonable & profitable limits.
Appreciate Your Clients
It is a great time to send out notes and newsletters to your clients, appreciating their patronage through the course of the year.
Also, you can set the tone for the holiday celebrations with your clients by offering end of the year discounted prices or special offers. This is a way to thank your existing clients as well as welcome new ones who are interested in trying out your services.
You can offer percentage discounts, combo packages, free gifts on any purchase and more. However, remember to keep your bottom line in mind to avoid putting your revenue at risk. Keep the offers within reasonable & profitable limits.
Tidy Up Deliverables
Got any outstanding project for the year? It's a great time to finish up! It's important to clean your work desk and deliver all client expectations. Carrying over unfinished projects into a new year isn't a good look especially when it is avoidable.
If you work with a team, impress this on them as well and ensure that everyone delivers as expected.
Review Your Finances
If you have consistently kept track of your income and expenses through the year, great job! Now, it's time to do the books!
Honestly review how well you have managed your finances so far this year.
How much income did you make?
How much expenses did you incur?
How much of these expenses were important?
Which expenses could you have done without?
These are questions that need to be answered to help you make better financial projections and prepare your financial budget for the new year.
In addition, if you have outstanding debts and bills, ensure that they are all paid. Unless unavoidable, do not carry over debts into a new business year.
Assess Customer Satisfaction
How well would you say you did with customer onboarding, servicing and relationship management this new year? Do you consider your purchase process seamless enough?
To help with this, it's a good idea to send out a last minute survey to your customer base. Take reviews on how well you served them through the year and how you can be better in the coming year.
Assess Team Satisfaction
This is an important part of team building for any business. Keeping your employees or team members happy directly impacts how well they contribute to the growth of your business.
Carry out a survey within your team to ascertain their satisfaction level.
Are they satisfied with the work conditions?
Do they have concerns about the work environment?
What do they think can be done to improve staff welfare?
Also, it is a great time to review their contributions and reward outstanding performances. End of the year bonuses are also a great way to motivate your employees and appreciate their contribution to the growth of the business.
In summary, the assessments you carry out as suggested above are very necessary and would help you position your business better in the new year.
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