Year End Close and Forecasting

Well, the year is almost over. Hard to believe… seems like a few short months ago I was writing about goals for this year.

So, as the year fades away, small business owners are getting ready to close out the year and forecasting for next year.

As you are forecasting and planning for next year, here are some tips to help.

  1. Create challenging, but realistic goals. There is no sense in forecasting 1 million in sales if you best year was $100,000.00. To be realistic you have to know your business and where you are at.
  2. Honestly evaluate your business. Truly know and understand your business, your financials, your vendors and your customers. You should exactly where you stand financially. You should be able to name your top five customers and their needs.
  3. Financially, you should know where every dollar comes from or goes to as it goes through your business. After all, the primary purpose of being in business is to be profitable. Any other goal depends on your profitability. If you aren’t making money you can’t do anything else you want to do.
  4. Look at your target market. All your marketing plans, networking plans, etc. should be based on that market. Focus to showing that market how you can ease their pain points and you will see increased sales.
  5. Finally, review your products and services. If they don’t apply to target market, get rid of them. Your products should align with the market you want to capture.

In the past few weeks I have been doing these five steps myself. You can see part of the results by looking at my website. I have taken the consulting pages down. I am strictly focusing on helping business owners maximize their business and life through coaching.

Let me know how your forecasting is going by leaving a comment.


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