The holidays can be a busy time for field service businesses. On top of keeping your operations running and juggling family time, you also need to prepare for the new year.
There are a range of things you can review and adjust in December to prepare your organization for the upcoming year. A great way to start this process is to examine how your business has performed financially and strategically over the past year.
Insights from such a review will enable you to create more aligned goals which will help you and your team hit the ground running come January.
To help you analyze your financial and strategic performance and prepare for 2020, we've put together the ultimate year-end checklist, broken down into five categories.
Category #1: Finances
Strong cash flow can enable you to grow to new heights, so making sure your financials are in the clear for the new year is a must. Here are some annual tasks to complete by the year's end.
Review your balance sheet and Profit & Loss report to review what needs improvement
Review your income statement to measure your profitability for the year
Ensure vendor and contract payments are up to date
Track down any payments owing, work in progress or inventory orders
Review the conditions and interest rates on your loans - are they the best value?
Review insurance policies. Are you getting the best coverage for the rates you're paying?
Verify that your payroll reflects the most current lawful rates
Schedule a meeting with your bookkeeper, accountant or financial advisor for the new year
Category #2: Business
In addition to finances, there are some general business tasks that you should complete as the year draws to a close. These are important because they will contribute to your overall strategy and performance, helping you keep operations running efficiently.
Evaluate vendor contracts and terms of trade
Review and update your business' disaster recovery plan
Ensure your documented policies and processes are up to date
Consider whether you may need more licenses for your software
Evaluate your cybersecurity measures - are they strong enough?
Organize your files and email inbox
Update your business calendar for the new year
Evaluate your staffing needs for the year ahead
Review your business website to make sure information is up to date?
Consider whether your current technology is meeting your needs
Don’t forget to celebrate your business accomplishments for the year with your team!
Category #3: Employees and Customers
Your employees and customers are the foundation of your business. Without them, you're neither operating nor making any money. At the end of the year, it's important to check in with your employees and your customers, update records and ask for any feedback.
Update current and past employee information
Conduct performance reviews with your team
Review your customer list and make sure all contact information is up to date
Send a customer feedback form to evaluate your performance this year
Category #4: Customer and Business Assets
The end of the year is a great time to update customer asset records to ensure your team will be operating with the most recent information in the new year. It's also a valuable time for evaluating your own business assets to ensure they are meeting your organization's needs.
Update customer asset records with the latest information
Evaluate your work vehicles
Review your equipment leases
Take stock of your inventory and update records
Review your real estate leases
These tasks are a great starting point to prepare your business for 2020. You can use this checklist to wrap up any outstanding issues and also touch base with your team and customers before the new year.
simPRO has a range of tools available for end-of-year business reviewing and reporting. Learn more on our website.