The end of the year is in sight. The holidays are nearly upon us and it’s time to let the foot off the gas and coast to the end of 2022, right?
Wrong.
Right now is the time you should be doing some very important things with your plumbing business — reviewing financials, identifying any shortcomings and solutions your company may have had, looking at possible staffing changes and setting goals for next year. If you don’t start doing these right now, you’ll be behind the game once 2023 does roll around in a couple short months.
LOOKING AT FINANCIALS
This might not be your job, but it’s still your responsibility as an owner to ensure it is getting done in a timely manner. You need to make sure all of the company’s bookkeeping records and accounts are up-to-date and reconciled.
If you are doing this at the end of the year for the first time, you should really consider changing your practices. Records should already be kept current and reviewed regularly throughout the year so you can keep track of where your business is. If you do it throughout the year, it’ll be easier to find where issues are, too.
It’s also a good time to review any unpaid customer invoices that are out there and any bills you may have unpaid yet. Make sure you agree with all items that have been accounted for, recorded, purchased and paid.
HOW DID YOU DO?
There will always be shortcomings, whether it’s that your revenue fell short or you didn’t accomplish one of your business goals this year. Right now is the time to identify those shortcomings and develop solutions so they don’t happen again.
Brainstorm what could be done differently to eliminate factors inside your business — and maybe yourself — that allowed these shortcomings. Then make a plan to implement any solutions that could resolve them. It could be adding another office person or field technician. Take a good close look at everything.
GOAL SETTING FOR 2023
As we approach the end of the year and start gearing up for 2023, right now is the time to start putting goals to paper for the new year. Reviewing your financials will help develop some of these goals — you can only do so much if you don’t have the money to do it.
If you don’t set goals early, you’ll be struggling to find a path to go down early next year. Don’t be that company. Have your goals all figured out and start working on them as soon as Jan. 1 rolls around.
One goal that most company owners tend to jot down right away is “boosting revenue.” Luckily for you, this issue of Plumber has a couple features dedicated to giving you ideas to do that. The Smart Business feature highlights texting services you could bring into the business, while the Industry Insider this month talks about a service your company could add to your current plumbing offerings.
WHAT DO YOU DO?
How do you approach the end of a year and what are your usual tasks that you do? Let me know by emailing me at editor@plumbermag.com.
Enjoy this issue!
