In my earliest days training to be a Chartered Accountant (I did make it through to qualification and am now a Fellow Chartered Accountant) I did lots of company audits. The nightmare as a Junior Auditor was having to attend the stocktakes. Many were usually as close as possible to the end of December when the business had its year end. So, I have counted many things including tyres, condoms (yes, expiry dates have an impact on stock value!) and manufactured items.
Top tip to trainee Auditors: always wrap up well as warehouses and factories in late December are cold!
What Has December Stocktakes Got To Do With New Year’s Resolutions?
You might be wondering why I’m talking about December stocktakes and year ends. Well, I always wonder why we create personal and probably business new year’s resolutions. As if it’s the only time of the year to make a decision.
I’m guilty of it myself in terms of setting personal goals for the year (including, doing a Charity walk with my wife and having some surfing lessons at a man-made surf beach in Bristol).
Yet a business doesn’t live by the year, despite what the Accountants do to us. Things happen by the day, week and month. Setting business goals for the year ahead is a good thing to do compared to many businesses that don’t do any. But, to have a growing, agile business you need to constantly review those goals, measure where you are and decide if the goals need adjusting, replacing, etc.
My Advice For 2020
So, my single piece of advice for this new year is to regularly measure how your business is doing. Be prepared to dump goals, create new ones or simply adjust a goal when you have evidence that it is not working.
I wish you well for 2020. Well done if you’re starting the year with some goals. If you want some but haven’t got round to it yet, give me a call and I’ll help you set some that will invigorate you and your business.