End of Year Checklist

Welcome to a new month and the last quarter of the year.

With the year winding down I wanted to touch on things to do before the end of this year to get ready for next year especially if this is a slow time for you.

A great idea is to do a Business Wellness Check.

First, take a look at the increases you have had during the past year and make sure that your prices are still in line with the changes. If not now is the time to make the rate chart changes for next year. You may be able to make the sales pitch for next Spring to get a contract now for the company to lock in today’s pricing before next year’s inevitable price increases. Just be sure you can still make a modest profit at this new price. It never makes sense to work just for work’s sake, you must be able to make a living at this.

In fact price adjustments are something that you may need to do twice a year or quarterly depending on how volatile the year is for your vendors. Even if the new pricing is just for your new customers during the year.

You need to see where your major cost increases were and make the needed adjustments now. If it was in supplies are there ways you can save? Can you make better purchase decisions that will help you next year? For example is there any way to maximize your purchases? Can you buy 3 or 4 kits of product instead of 1 or 2 at a time and save some on the rising fuel costs? Are there more affordable options for your supplies? Have you been using your products at their optimum? For example are you sure you are using the right concentration for the job or are you using more than you need and therefore have been wasting money? Are you able to buy in bulk for consumables at discount or bulk shopping locations like Sam’s, BJ’s, or similar companies?

Next, evaluate your equipment needs. If you have had to make repairs repeatedly on a piece of equipment during the last season, now may be the time to consider replacing it. Many times, winter is the time of year when equipment vendors have sales or give discounts on end-of-year models getting ready for next year’s models just like the car manufacturers. It is hard to stick to a busy schedule when equipment failures put you behind and possibly lose your jobs and money. Would a newer piece of equipment make you more efficient thus saving you time and labor costs?

One thing to not forget to put on your business wellness checklist is to make sure your business stays in compliance with your local, state, and federal wastewater regulations.

In these days of increased awareness of droughts, water restrictions, and tighter regulation you need to be in the know instead of on the receiving end of a warning or worse a heavy fine.

These are just a few items to put on a checklist. Make yours as long or short as you need but be sure it covers all of the areas that affect your bottom line. Even down to cell phone use and insurance policies. Every cost to you and your business makes a difference in the end.

Have a good month and next time will be about increasing your business exposure in the community.