Are You Ready for the New Year?

Planning should have started awhile ago, but it’s still not too late to get a start on 2019.

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Another year is drawing to a close and that means it’s time to take a step back, look at what you accomplished this year and plan ahead for 2019.

Hopefully you’ve already started. If you haven’t, you’re off to a late start. According to financial advisers, the best time to start planning for the coming year is after your third-quarter results are in. At the very latest, it should start before the Thanksgiving holiday.

One of the first things you need to do is look at your income and expenses for the year. Review your budget and see where things differed from what you initially projected. Try to predict what will happen next year. Look at which products or services performed the best for your plumbing company.

In addition to reviewing the numbers, talk with your managers or technicians and get their thoughts on why the business performed the way it did.

THE NEXT STEPS

After you do that, you’re ready to start planning for the year ahead. Even before you create a budget, the first step should be creating projections for your company. Review the chances that your customers will buy more or less from you, whether you think your expenses will increase or decrease, and if competitors, customer preferences, or new technologies will change your marketplace.

Once you’ve projected your sales and expenses for the year ahead, create a detailed master budget that includes your income and expenses projections. Look at your estimated year-end profit and determine if it’s what you want it to be or if you need to lower your costs, reduce debt, or increase sales targets.

After you’ve reviewed your past performance, made your projections, created your budget, and discussed options for new business development, it is finally time to create your plan for the coming year. Create benchmarks that warn you when you’re underperforming to give you the chance to adjust, such as reducing spending, arranging for more credit, or exiting failed marketing strategies.

HOLIDAY SHOPPING

The days are getting fewer before the gift-giving season is upon us. Are you still looking for a gift to give to your employees, or even yourself?

Check out the Product Focus feature this month. It’s several pages full of tools and fixtures and anything else a plumber might want. If there isn’t enough there for you, then head over to the Product News feature where you’ll see the newest products on the market.

PLANS FOR THE NEW YEAR

Have you started to set goals for 2019? Are you planning on growing your business by adding technicians or services? Let us know what’s ahead for next year. You can email me at editor@plumbermag.com or call 800-257-7222. I look forward to hearing from you.

Enjoy this issue! 



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