Wow, what a year so far! And we still have four months left! We all know things will get better and effective planning will help get you on the road to a better year in 2021. And despite everything else going on right now, this IS the time to start planning for next year.
Technically, you don’t have to start now but it’s definitely a good thing if you do. The pandemic has thrown everyone for a loop but this is the time when you need to start thinking about your goals and dreams for next year. Is there a particular area where your business has really struggled during the pandemic-related slow down and/or shut down? Have you made adjustments that originally were temporary and now look like they’ll be permanent? Have you discovered a new strength or line of business out of necessity that holds potential for additional success in 2021? Now is a good time to make whatever adjustments are necessary to get your business where you want it to be have the strongest possible finish to this unusual year.
Take a moment to have a chat with your CPA or tax attorney. Are there Covid-related losses or expenses that will impact your tax situation? Be sure you’re properly tracking tax-deductible expenses and have an idea of what you may owe when tax time comes around next year. There may be planning you can do or actions you can take before the end of 2020 to maximize your tax savings in the new year.
Think about the holidays for THIS year. Will the pandemic change how you approach giving recognition (financial or otherwise) to your star performers or maybe to your entire team who’ve persevered through these challenging months? Now is the time to be sure you’ve got the funds in your current budget to make the holidays a little more festive for everyone.
Will you be re-hiring furloughed employees or adding staff in 2021? If you’re looking to add staff, now is the time to be sure your job descriptions are well-written and complete. In addition, it’s not too early to begin the recruiting process if you plan to make any of those additions in first quarter. It always seems to take more time that you thought to make just the right hire.
Finally, not all planning is budgetary and numbers-driven, especially this year! How about your personal goals for yourself and your business? What will recovery look like for your business? What have you learned from this year that will have ongoing impact for your business or personal life? Change those dreams into reality by making it part of your plan.
Starting now gives you plenty of time to make 2021 a better year than 2020. This new year could be the best year yet for your business AND for you!