Traditional Year-End Business Reconciliation
At year-end collecting and organizing the business into manageable piles becomes calorie intensive and necessary to track properly aspects for reflective reality and improvement based on past results and effects.
- How many organize your business by month?
- Do you reconcile profit and loss?
- How many take advantage of deductions or depreciation?
A New Perspective on Year-End Business Reconciliation
All of these are very important for your business but I would like to open a new perspective on year-end reconciliation.
4 Key Areas to Consider and Analyze
1) Funding, Resources and Energy
All business requires funding, resources and energy to live and persist. Consider where your nutrition comes from.
- Where do you receive funding?
- Are you engaged with customers, other businesses, the Internet or in a dark room?
- How do you accumulate your resources to build the products for your business?
I encourage you to look into growth. How have you grown in the past year and what ideas do you have for next year that will compliment your existing models?
3) Relevance and Connection
At what sensitivity is your business operating? Your culture plays a role in the clientele you attract. Your survival depends on you accommodating the wants and needs of the people or industry you service.
- How sensitive are you to their needs and at what level?
- Are you open to their suggestions?
4) Your Differentiating Factor
Lastly I would ponder your specialty. What makes you unique and what can you add or implement over the next year that will highlight and bring greater value to those you service and future happy customers attracted to your business?
Include “Vision Activation” In Your Year-End Accounting
Again, the paperwork and finalizing year-end accounting is important and necessary and ordinary for the proper operation of your business. However, I encourage you to leave room for the heavy lifting of your business by putting into action how to inject vitalization, healthy consumption, employee and customer protection and harmonious structures for the continuation and extension of your creativity.
Perhaps one can think of it as a new year’s resolution for your business. Finalize your paperwork and where you have been. Then put into practice your vision with more clarity of your new mission on where you want to go.