As I write this on the last morning of 2024, I am excited by the year ahead and new growth opportunities. While 2024 wasn’t perfect (no year ever is) I nevertheless consider it a success despite some setbacks and downfalls. Are there a few things I wish that I would have done differently, well, of course. But we all strive to do the best that we can with the information, knowledge, and circumstances at the time. There is no sense dwelling on the past (and I’ll admit to having done too much of that over the years). So, whatever happened in 2024, do your best to shake it off and enter the new year with a “growth mindset” (I owe credit to Alan Weiss for teaching me both the term and shaping my thinking about growth).
Business:
- What are the opportunities to better serve current and potential customers? One captures revenue opportunities by thinking about what they can do for existing and potential customers. Is there a new service or product offering or can you provide an add-on to current products or services?
- Who are the employees who you can develop into the next generation of leadership? What do they need to rise to the next level and how can you provide meaningful (beyond just words) support?
- How can you drive cost efficiency? Teach employees about the economics of the business and the benefits of efficiency. Whether you apply savings to improved margins or lower prices to increase customer reach, you’ll be better off either way. Share with the employees!
Financial:
- Is your financial house in order in both your business and personal life?
- For starters, you should understand your income and outflow on some time bound basis (weekly, monthly, quarterly, etc.). And if your outflows exceed income you need a plan to either rectify or fund that gap (it’s OK for a business to deficit spend if it represents an investment in future growth and there is a funding plan).
- You also need to understand your financial position (in other words, your balance sheet at point in time). Your accountant should be able to produce this for your business, but you also need a personal balance sheet of your assets and liabilities. Gather those year-end statements. You cannot plot a course for improvement without a starting point!
Personal:
- Have health and fitness plans that are action based. That means something you do each and every day to improve. Having a weight loss or bench press goal is fine but it takes daily action to achieve either one.
- Strive to improve relationships in your life. Remedy past wrongs or do good for someone with no expectation of reciprocity.
- Carve out some time for yourself. Whether that be meditation, spiritual or something else, you can’t take care of others if you’re not in shape to do so.
Wishing you a happy, healthy and prosperous 2025!
If your business could benefit from fractional CFO services, I would welcome the chance to speak with you. Please give me a call at (314) 863-6637 or send an email to [email protected]
The archive of these monthly newsletters is posted at the Resources section of homza.com
your cash is flowing. know where.®
Ken Homza
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