We are now almost one month into the end of the final quarter in the 2020 cycle. Did you know, that on average, people get more work done during this time of the year than any other season?
Studies show that the three most productive months in business are September, October, and November. December is usually the money-grabbing month for most businesses. This time around, we don’t know for sure, but it might look like Covid’s the grinch that stole Christmas 2020!
However, after all the pivoting strategies, Entrepreneurs are now ready to be productive and push work for the Christmas holidays.
It’s around this time of year that many businesses begin focusing on their year-end results and may want, or rather, they NEED to kick into high gear for a "quick pickup" into the final month of the fourth quarter.
Finding and keeping energy and motivation for business in Q4 becomes very important for Entrepreneurs now.
Entrepreneurs, have you started thinking about this last month in Q4, your 2020 New Year’s resolution, year-end close, your budget, and your 2021 New Year's Resolution?
We have officially entered the final quarter during a pandemic and this period could be a very anxious one for you. This could be your ‘make or break’. This period though, is not just the time to prep for holiday sales, but also, to see how much of your set 2020 goals you've achieved even through the pandemic, along with deep introspection into your business and yourself as a resilient entrepreneur.
At this point of the year, prepared Entrepreneurs start putting things in place to reduce the stress of year-end and start 2021 with confidence. You can stay motivated by celebrating the small stuff and write over a different list, but this time, a list of all you have achieved so far. And if you managed to achieve something still during a pandemic, well done! Put this list where you can see it. That’s certainly something worth celebrating.
Now go ahead and see the separation. You still have goals to accomplish. Let this be your motivator as opposed to bringing you down.
Balancing Old and New in Month 12, Q4
As you look ahead to your Q4 organization’s objectives, you may find that Q3’s goals and objectives are still currently underway and it isn’t likely that you’ll complete them even in Q4. If this is your situation as you do your overview, your organization’s objectives will need to be re-evaluated for inclusion in the first quarter of 2021, and that’s quite ok.
It won’t entirely be such a bad thing though, if you also discover that some of your goals are ready to be discarded, as they may be no longer relevant or necessary.
Keep up the momentum. It's tough, but at least try.
You don’t want to leave 2020 behind without knocking out a few more of those ‘must-do’ goals, including having a perfectly planned Christmas season. I’m sure you had it all figured out in January as you rung in the New Year, but then the Covid grinch came and he came early too. Remember the eagerness you felt just prepping for the year ahead? Back then December felt so far away and you’ve been tempted to put off the mundane stuff, and for some of us, we put off even the goal of starting our own businesses.
But the year is not done yet. Run through your list again and eliminate the definite impossible and isolate that one goal that's important to you and make it happen - whether it is starting a business or achieving more revenue. Remember you can always call on us at The Timely Entrepreneur Resource and Research Centre to help you get your business off the ground. Continue to run the race and fight the good fight. (Yes that’s our Paul talking)
So let’s see how we can help put your thoughts into perspective. Here are a few things you definitely need to get started on:
- Your holiday marketing and sales strategy. If you didn’t do this already, start preparations TODAY. Whatever it is you feel you can’t handle - get help. Your nephews and nieces are looking to make some quick money to buy their Christmas gifts or hang out with friends. Use whatever little human resources you can find. At this point, every little help counts as so do every moment.
- Review your financials and assess your business’ position at this point. How did your business do over the past 11 months? Have you met your financial goals for the period? Is your revenue satisfactory? What about your cash flow statements? Your financial reports will tell how well you’re doing. Don’t hide from it. Review! Call in an accountant if you need to.
- What/Who do you owe? Now might be a good time to pay your creditors if you can manage. Paying them early can possibly earn you cash discounts and avoid late payment fees.
- Recovery time. Try to minimise recovery time by calling your debtors. Make some friendly business phone calls to those who owe you and start collecting any outstanding amounts on overdue accounts. Tell them that you are closing off your books soon and you need them to settle.
- Liquidation can help. Sort out your inventory and separate the items that you must get rid of by December 31st. Determine if a sale is your best option for liquidating these items and bringing in quick cash.
- Close off business deals. Procrastination is the defeat of most, causing business owners to leave money on the table. People change their minds as they too are trying to secure cash for the Christmas season. This is an action for the NOW! It’s time to close off any pending business deals so you can end 2020 on good footing, ready for 2021.
- Get started on 2021. Pre-planning doesn’t hurt. As a matter of fact, if you get a head start on things like your 2021 marketing and budgeting goals, the more prepared you’ll feel and be, to get started as you roll in the New Year. So why wait?
End “Covid 2020” with a blast. You can make it happen!
