As your MSP business ends the year, are you ready for the new challenges you’ll face in 2020? Maybe it’s new regulations or changes made by the Internal Revenue Service (IRS). Sometimes the challenges are significant and other times more subtle.
So, how do you prepare your business for a profitable start to the new year?
By organizing your 2019 documents and setting goals for the new year, you can focus on decision making for the year ahead. Read more to learn what you can do to mark the end of 2019 and shape your vision, opportunities, and business adventures for 2020.
Get Your Finances in Order
To close out 2019’s fourth quarter, it’s time to get your finances in order. Make sure you have all your income and expenses recorded, business receipts organized and all outstanding invoices paid. Also, ensure you have a backup and recovery system for your important documents.
Then you’ll be all set for filing your MSP business taxes for 2019. Once you file your taxes, it wraps up the year letting you reflect on the new year.
Evaluate Bylaws, Privacy Regulations and Meeting Minutes
Assess your business bylaws making sure they’re in compliance with current and upcoming regulations. You don’t want to get bogged down in the new year trying to update your bylaws and privacy and data security standards. Think ahead and you’ll be able to take on all the challenges of the new year.
Also, review all your meeting notes. This helps you determine what you accomplished during the year and what you hope to accomplish during the upcoming year.
Set Goals for the Coming Year
Gather your team together and set goals for the coming year. This way you can share experiences from which to learn. By reviewing mistakes and successes, you and your staff can discuss upcoming goals and expectations, as well as current trends.
Discuss specific problems you faced during the year, such as attracting leads, increasing conversions or driving traffic to your website. Getting your staff engaged in solving these issues and setting goals will bring better results in the new year.
Collect End of the Year Feedback
As you get ready for the busy end of the year, ensure you have the knowledge to keep what’s working and make changes to what’s not. Spend your last few months of the year surveying your customers and employees.
This helps you gather important insights about how your customers feel about your products and services. It also gives you an idea about how your employees feel about the company culture, equity, and inclusion.
Once you analyze your survey data, focus on improving customer and employee satisfaction. Then, you’ll retain your customers and your top talent for meeting the business challenges of 2020.
Start Preparing Your Business for the Coming Year
By following these tips for closing out the current year and preparing your MSP business for the new year, you can jump-start your resolutions and goals for 2020. The fourth quarter is a good time to evaluate your business and decide what you can do differently to improve your sales, team and company culture.