Before the holidays take over, give your business 30 minutes. No spreadsheets to build, no software to learn. Just six questions, five minutes each, and an honest look at the year you just had. Pour a coffee and set a timer.
Minutes 1 to 5: Where did the cash go?
Compare your bank balance today to January 1. Did it grow, shrink, or barely move? If profit was strong but cash didn't grow, find out where it went: customers who haven't paid, inventory, equipment, debt payments, or owner withdrawals.
Minutes 6 to 10: What were your best and worst months?
Look at your profit month by month. What made the best month great? What went wrong in the worst one? Patterns here usually point to seasonality, pricing, or one large customer.
Minutes 11 to 15: Which customers actually made you money?
List your top five customers by revenue, then ask which ones were genuinely profitable once you count the time and effort they took. You may find one to grow and one to reprice.
Minutes 16 to 20: Are your taxes on track?
- Compare the estimated tax payments you made to what you'll likely owe.
- Decide whether any planned equipment or software purchases should happen before December 31.
- Ask about retirement plan contributions now, since setup deadlines vary by plan type.
Minutes 21 to 25: Is the paperwork ready for January?
- Do you have a W-9 for every contractor you paid?
- Is your mileage log current?
- Are receipts for larger purchases saved somewhere you can find them?
Minutes 26 to 30: What's the plan for next year?
Write down three things: one financial goal, one number you'll check every month, and one thing you'll stop doing because it costs more than it earns. Tape the list somewhere you'll see it.
That's it. Thirty minutes won't fix everything, but it will tell you exactly where to focus in January.
We'd do this review together with whoever keeps the books, then pick just one thing to change in January. One change actually made is worth more than ten written down.