Whether you are running an NGO or a company, the end of the year can be a hectic and stressful time. It’s the final stretch to wrap up fundraising campaigns and projects for the year and achieve your desired outcomes.
Amidst the chaos, it’s crucial as a manager to stay focused on activities that can help your business grow. Here are some tips for the year-end period:
1. Reflect on the goals set for 2023:
Review the goals you set at the beginning of the year and assess how close you came to achieving them. Use this reflection to adjust your plans for 2023 and learn from any mistakes made in the current year.
2. Conduct a financial analysis for 2023:
Sit down with your accounting team to analyze your financial performance for the year. Look at fluctuations month by month, compare with previous years, and identify areas of strength and weakness in your business. Use this information to plan for the future.
3. Follow up on outstanding invoices:
Make one last effort to collect any outstanding payments before the year ends. Consider using factoring services if needed. Also, review and consolidate any debts your company owes to suppliers, employees, or tax authorities.
4. Prepare year-end filings:
Check with your accounting team on the reports and documents that need to be filed by the end of the year. Get everything ready in advance to avoid any last-minute rush.
5. Consider giving bonuses or gifts to your team:
Show appreciation to your team by giving bonuses or organizing a special event. Make sure to assess your financial situation before making any decisions on this front.
6. Connect with your team:
Have open and honest conversations with your team members to understand their plans and concerns. Their feedback can provide valuable insights for the future growth of your business.
7. Plan for the new year:
Start thinking about your goals and strategies for the upcoming year. Take into account the insights gained from the current year’s performance and make adjustments as needed.
Find Time to Reflect
Amidst the chaos of the year-end, it’s important to take a moment to reflect on where you are and where you want to be by the end of 2023. Consider jotting down your thoughts on paper, whether through writing, drawing, or scribbling. You don’t have to have all the answers by the end of the hour, but aim to have a few sketches and general ideas about the direction you want your business to take.
If you find it challenging to organize your thoughts, don’t hesitate to seek guidance from a mentor or business consultant to help you prioritize your next steps.
8. Finalize Financial Planning for 2023
As we enter the financial planning season, have you begun working on your budget for 2023?
If creating a yearly plan seems overwhelming, start by focusing on the first three months. Regularly review and adjust your budget as needed, analyze your finances, and aim to forecast for longer periods if feasible for your business. Remember to establish a battle plan for each financial target, outlining the necessary actions for you and your team to take.
Utilize tools like ThinkOut to simplify the budgeting process by comparing your monthly budget with actual transactions in your bank accounts. Sign up for a free account to experience the ease of financial planning.
9. Celebrate Achievements with Your Team
Even if your team is currently working remotely, consider organizing an online celebration to acknowledge the successes of the year, recognize individual contributions, and discuss future plans. Engaging in such events fosters team satisfaction and camaraderie.
Collaborate with your HR team to establish a Christmas company tradition that can be upheld annually. This tradition doesn’t have to be elaborate but should serve as a unifying activity for the entire company. For example, at ThinkOut, we decorate the Christmas tree together and make wishes for the upcoming year. Additionally, we host a traditional Christmas meal at the office each year since 2016.
These traditions promote bonding among team members, allowing for discussions beyond work-related matters and fostering closer relationships.
10. Prioritize Self-Care
In the midst of the busyness, don’t neglect to prioritize self-care. After a challenging year, it’s essential to recharge and prepare for the year ahead. Engage in activities that bring you joy and relaxation, whether it’s getting a massage, going for a run, or swimming. If needed, seek support from a therapist to navigate difficult situations.
11. Focus on Progress, Not Perfection
Remember that it’s more important to make progress than to strive for perfection. Embrace the lessons learned from any mistakes and consider what changes you can implement moving forward. Understand that even setbacks contribute to growth and development.