Getting Ready for 2019
Planning for the next year is always exciting…it’s like a fresh start every January. You can wipe the slate clean and start new ideas, new initiatives and new goals. It’s a time to review what happened in 2018 and pat yourself on the back for successes and achievements but make no mistake…no business can rely on previous efforts to sustain growth in the future. You must always be planning and preparing.
So where do you start? Here’s a checklist to get you organized:
YOY Gross Revenue Report
Run a full year report and analyze each month and overall growth.
Profit & Loss Statement
Complete a P & L for the entire year and review numbers.
Reconcile all accounts receivable, resubmit and follow up on all outstanding invoices.
Update your budget for 2018 with actuals and build a new budget month by month for the 2019 calendar year.
Conduct a full inventory count of all your stock including frames, lenses, contact lenses, sunglasses, nutraceuticals, drops, etc. Cross reference against sales to determine any shrinkage.
Clean up any returns that still need to be submitted and follow up on any returns that have not been credited.
Spring cleaning is not just for spring. End of the year is a great time to get the team involved in a full office cleaning spree.
There are always a few things around the office that need fixing. Might be some painting, rug cleaning, furniture replacement or small repairs that are required. Build a list of all the fix it tasks and start finding vendors who can help you get it done.
End of the year is a perfect time to review salaries and decide on 2019 increases. Compensation can be tricky so look to resources like Payscale.com to ensure you are paying in line with current market standards. To keep good people, you need to be paying competitively and even a little bit more.
Yearend bonuses and incentives in eye care offices are common so review all the numbers to determine if the team will receive their bonus.
December means Christmas and that means parties and gifts. In doing some research it seems that the most popular gift from the employee’s perspective is cash. Cash is king!
Team & Individual Goals
A team without goals has nothing to shoot for. Take this opportunity to plan out a full year of strategy around office objectives you want to reach and then build in team and individual goals. Don’t forget to build in how you will track and reward for the goals.
Doing a full back up of your computers and technology should be an ongoing strategy but in case it’s not this is a good time to do a backup now.
If you have a business website that does not have monthly optimizations this perfect time to give it a once over and check all links and buttons to ensure they are working without any errors. Consider planning some updates to your website or a complete overhaul as website technology is changing rapidly.
Look over your social media channels and ensure your information is all up to date including hours of operation as this is a common item that is searched on your social platforms. Update cover images with new professional covers and work on a new 2019 strategy for posts and advertising.
Build a marketing plan and budget for 2019 that includes digital (website, social, digital advertising), traditional (trunk shows, flyers, brochures, business cards, recall cards), internal (POP, display materials, signs, posters) & external (BOLD advertising, television, radio, billboards, community ads).
Last note…you have heard the quote before…businesses that fail to plan, plan to fail. If you have read all the way to this part then you are obviously a business that is planning to succeed. All the best in 2019.